Sharing at the seminar "Solutions for economic growth in late 2023 and early 2024" held on November 3, Ms. Nguyen Thi Tuyet Mai - Deputy General Secretary of the Vietnam Textile and Apparel Association (Vitas) - said that the textile and garment industry has never been as difficult as it is now.
According to Ms. Mai, for many consecutive years, the textile and garment industry has had positive growth (except in 2020 due to the impact of the COVID-19 pandemic) and in 2022, the textile and garment industry exported 44.4 billion USD, ranking among the top 2 largest export industries of Vietnam. This result helped Vietnam rank 3rd in the world in textile and garment exports. However, from the end of 2022, this industry began to face many difficulties when international markets reduced demand for garment products, raw material prices and production costs increased.
Along with that, the trend of sustainable development with commitments to the environment and harsh labor requires businesses to make large investments while order value does not increase.
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| Ms. Nguyen Thi Tuyet Mai, Deputy General Secretary of the Vietnam Textile and Apparel Association, said that businesses need to diversify products to resume orders. |
In addition, in 2023, the textile and garment industry will also face many new requirements from export markets. Typically, the US anti-forced labor law, the German law on checking the entire supply chain with very strict regulations on labor use in production...
“In terms of the environment, the demands of consumer markets and brands have forced businesses to digitally transform and greenly transform, causing production costs to increase sharply. The textile and garment industry has never been in such a difficult situation as it is now,” Ms. Mai assessed.
According to Ms. Mai, up to now, the textile and garment industry has shown positive signs as the production and business situation is gradually warming up. Accordingly, if in the first 7 months of 2023, the total export of the industry reached 22.6 billion USD, down 15% compared to the same period in 2022, then by the end of 10 months, the total export of the industry is estimated to reach 33 billion USD, down about 12.45% compared to the same period in 2022. However, the textile and garment industry still faces many difficulties.
In that context, to support businesses in promoting exports, Vitas has cooperated with international organizations, organized seminars to recommend businesses to diversify markets, and informed businesses about opportunities and advantages in markets where Vietnam has free trade agreements.
Regarding solutions to overcome difficulties, Vitas representative said that businesses should diversify their products. Accordingly, in the past period, some businesses have been proactive and flexible in expanding their product lines, ready to accept small orders at low prices to maintain operations and retain employees.
At the same time, businesses need to transform digitally and greenly. Although currently, the textile industry has up to 80% of small and medium enterprises, so it is difficult to transform digitally, but this is a must. Therefore, businesses can start by using 3D design software, proactively choosing fabrics to sell at higher prices or digital management to reduce risks and increase operational efficiency.
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