Vietnamese textile and garment industries are turning green in a bid to stay relevant in a market to meet the challenges and also seeing a dip in export orders.
“Around 50 percent of textile and garment companies have adopted sustainable methods of production so that they can receive orders in the current fiercely competitive market,” Vu Duc Giang, Chairman of VITAS said.
Media reports quoted him as saying that adopting sustainable practices is the way forward for the textile industry, but it is extremely risky and requires lots of financial support.
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Giang added that there was a need to set up a fund from which textile companies can borrow at low interest rates, to fund their sustainable initiatives.
“The various means to produce sustainably mainly include investing in technology to reduce energy and water usage, he stated.
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Giving examples, he said a textile company has invested in a new fabric dyeing technology, which allows saving 60 to 70 percent in water consumption as against the earlier technology.
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In the first seven months of 2023, apparel exports from Vietnam dropped 15.
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9 percent, compared to the same period in 2022, to US .
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5 billion.
