Textile industry must renovate
Friday, September 21,2018AsemconnectVietnam - The textile and garment industry is likely to face challenges in 2019 as the industry goes through a transition period which requires breakthroughs to shift its position in the global value chain.
This was the highlight of a seminar on the prospects for textile and garment exports held on Thursday within the framework of the three-day Ha Noi Textile & Garment Industry – Fabric & Garment Accessories Expo which will close today.
A representative from the Ministry of Industry and Trade said at the event that 2019 would continue to be a challenging year for the textile and garment industry.
The sector needed to make big changes to shift towards a new position in the global value chain, from Cut-Make-Trim (CTM) to Original Equipment Manufacturing (OEM)/Full Package/Free on Board (FOB) and Original Design Manufacturing (ODM) and Original Brand Manufacturing (OBM) to generate higher added value, experts said.
Experts also said that the Fourth Industrial Revolution would also have significant impacts on the industry, forcing producers to invest more in equipment and staff.
However, experts warned that Viet Nam’s textile and garment sector would face fiercer competition from Bangladesh, Cambodia, Laos, Sri Lanka and Myanmar, adding that it was important to enhance competitiveness to be able to grasp opportunities.
Recent analysis by Bao Viet Security Company said that countries with competitive advantages in garment and textiles would benefit from the growing US-China trade war, including Viet Nam, Bangladesh and Cambodia.
The US was the biggest importer of Vietnamese textile and garment products in 2017. Statistics from the Viet Nam Textile and Garment Association showed that in 2017, textile and garment exports to the US reached US$12.8 billion, accounting for more than 40 per cent of the sector’s total export revenue.
Textile and garment export to the US are forecast to reach $13.8-14 billion this year.
Textile and garment export revenue totaled $23 billion in the first eight months of this year, representing a rise of 15 per cent over the same period last year.
Source: VNS
Ample room remains for Vietnamese exports to Africa
Vietnam becomes global production centre thanks to boom of foreign investment
Reference exchange rate kept unchanged on May 16
Indonesia became Vietnam's third largest rice buyer
Imports and exports fell sharply, reached just over 206 billion USD
Australian firms eye expanded Vietnam presence
Foreign invested sector - important growth driver of Vietnam: official
Charter capital of banks to increase sharply in 2023
DAILY: Vietnamese pepper prices increased by 1000 VND per kg on May 15
DAILY: Vietnamese coffee prices remained unchanged on May 15
Reference exchange rate up 12 VND at week’s beginning
Trade surplus reached 7.56 billion USD in four months
Improving product quality, infrastructure critical to promote trade with China
Vietnam’s vegetable, fruit exports likely to hit 4 billion USD this year
Plan on implementing national strategy on climate change ...
Actively and effectively adapting, reducing vulnerability, loss and damage due to climate change; reduce greenhouse gas emissions ...Scheme on attracting, restructuring and improving quality ...
Urban development plan of Binh Phuoc province in a period ...
Plan on implementing Decision No. 327/QD-TTG dated March ...
Hung Kings Temple Festival 2023 kicks off
The Hung Kings Temple Festival 2023 and the Culture and Tourism Week of Ancestral Land 2023 kicked off in the northern province of Phu Tho ...Vietnam trounce Palestine at AFC U-17 Women's Asian ...
Phu Tho: Festival honours UNESCO intangible cultural ...
Saigontourist Group Food and Culture Festival 2023 opens
Vietnam’s top swimmer Huy Hoang to hold Vietnamese flag at ...