Apparel companies in Vietnam are busy completing orders as the sector’s export target this year is about $47 bn. They also plan to invest in modern technology to improve efficiency and workers’ income. The sector is facing intense competition from Bangladesh, India and Indonesia, said Vietnam Textile and Apparel Association (VITAS) chairman Vu Duc Giang.
Giang said in order to achieve sustainable development, the sector will continue calling for investment to the material supply chain; building sale solutions; and developing automation, digital governance, a transparent business environment and hi-quality workforce.
In the near future, about 30-35 percent of Vietnamese apparel manufacturers will face shortage of orders, while the remainder will face price pressures, he said, adding that the sector, however, can still produce mid and hi-end products, which is an advantage to boost export.
The country’s textile firms have also urged the government to adjust policies and make mechanisms, especially those related to credit and foreign exchange rate, flexible to improve their competitiveness, a news agency reported.
Major importers of Vietnamese apparel like the United States, China and South Korea have been indicating lesser demand since October 2022.
