Vietnam’s revenue levels are on the path of restoration as orders have increased in number in 2021 after the inauguration of Vietnam’s COVID-19 vaccination programme. In order to promote Vietnamese textile and garment brands globally and to introduce Vietnamese textile and apparel exports into the global retail chain, it is crucial to develop the supply chain of raw materials.
“2021 will certainly be a difficult year, but the company’s products are mainly exported to Europe, where the market is improving. In addition, the EU-Vietnam Free Trade Agreement (EVFTA) will certainly create impetus fortextile and garment exports to Europe,” said Alessandro Di Palma, CEO of Dalat Worsted Spinning Company.
The surge in incoming orders have greatly helped in sustaining this export turnover of the textile and garment industry. Statistics from the Ministry of Industry and Trade show that total export turnover of textiles and garments reached US$5.954 billion in the first two months of 2021 while import turnover reached US$3.167 billion. Thus, the industry reported a trade surplus of US.
299 billionwhile the added value of the industry has been quite high at 55.
4%.
“Although textile and garment orders have returned, it is not possible to reach peak demand as in the previous years.
Therefore, the textile and garment enterprises need support policies from the State. In addition to reducing tax and delaying payment deadlinesfor land rent for enterprises, it is necessary to renew and update land policies and related laws”, said Duong.
