Vietnam has initiated a development strategy for the textile and garment till 2030, which also includes a vision till 2035. This strategy has identified that exports will be the mainstay and driving force for the growth of the industry.
The strategy adds that due to increased consumer activism in its main market the European Union, industry development should be linked to the fulfillment of social responsibilities and obligations, by following guidelines or international norms.
“The strategy also advised industry stakeholders to also transition to a green and circular economy keeping in mind guidelines of their export markets, which will lead to good growth of the sector,” media reports stated.
The Vietnam Textile and Apparel Association (VITAS) had recently projected that production and exports will rise gradually, but challenges will remain throughout the remainder of 2023, due to a slowdown of orders.
To ensure that the target of US $40 billion is achieved and also implement the development strategy, VITAS advised companies to implement measures to retain a skilled workforce and organize training programs to prepare for a move towards digital transformation and green transition.
The associations also suggested that garment exporters should take orders at lower or zero profits to ensure that their factories continue to operate at full capacity.
VITAS also recommended reducing unnecessary expenses, building long-term and reliable relationships with customers, along with exploring new export markets as well as local markets.
Exports to remain mainstay of Vietnam garment sector
