Opportunities and challenges coexist in Vietnam’s textile and apparel industry
Vietnam’s “Customs Online” reported on May 13 that on May 13, Vu Duc Giang, chairman of the Vietnam Textile and Apparel Association (Vitas), held a sustainable production in the textile supply chain organized by Vitas and IFC. It was stated at the seminar that in the first four months of this year, Vietnam’s textile and clothing exports reached nearly 11 billion U.S. dollars, a year-on-year increase of nearly 21%. The signed free trade agreement brings huge opportunities to Vietnam. In particular, the RCEP agreement that has just come into effect in early 2022 is a great opportunity for Vietnam.
In addition, despite the complicated development of the epidemic, demand for Vietnamese textile and apparel products is still growing, with exports increasing by nearly 21% in the first four months of this year. Among them, Vietnamese textile exports to major export markets such as the United States, Europe, and Japan have achieved positive growth results.
However, in addition to opportunities, Vietnam’s textile and garment industry also faces three major challenges. First, the global supply chain is still affected by the epidemic, resulting in supply chain interruption; second, all brand companies require the use of recycled products, but the supply chain of the Vietnamese textile and garment industry is still limited; third, labor resources.
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