Vietnam’s textile sector and footwork industry is making a making a comeback due to various free trade agreements (FTAs) that the country signed said specialists and industry pioneers.
Regardless of the COVID-19 pandemic and the hold it put on everything, the Vietnamese export sector flourished as the textile sector reported good figures for the year 2020 with foreign brands. The brands have already stated that they will put in extra orders from Vietnamese textile producers in 2021, as per the Vietnam Textile and Apparel Association (VITAS).
“In the short-run, firms should be trying to seek new markets and diversify their products. In the long-run, they must eye sustainable development and advanced automation,” said Đỗ Quỳnh Chi from the Ministry of Labour, Invalids and Social Affairs.
It is predicted that the full fledge demand for textile products manufactured in Vietnam from the foreign buyers such as the EU and the US will make a full comeback in the mid of 2022. Even if the trade has been paused, the sectors are urged to stay connected and in contact constantly to work on new ideas, better brand strategy and techniques for the upcoming business.
The pandemic urged homegrown firms to associate among themselves to make sure about stock materials and set up joint production operations. This is particularly beneficial for small companies as they have a lot to learn from the bigger business setups.
