Vietnam: Textile and Garment industry in 2020 expects to reach 42 billion USD in export.

In 2020, Vietnam’s textile and garment industry aims to achieve an export turnover of about 42 billion USD.

Toachieve this goal, textile enterprises will need a greater effort in 2020.Looking back at 2019, the representative of Vietnam National Textile andGarment Group said that it was a quite “turbulent” year for Vietnam’stextile and garment industry, with an export turnover of US $ 39 billion.

Althoughthere was an increase in export, it is slower than the growth of previousyears. In addition to the requirements on price, quality and progress, many newrequirements are additionally posed by major buyers, which are challenges ofthe textile industry.

Vietnam’s textile and garment industry aims to achieve an export turnover of about 42 billion USD in 2020

Accordingto Mr. Than Duc Viet, General Director of May 10 Corporation, the challenges ofthe market require textile enterprises to focus on restructuring, improving thequality of human resources and branding.

“In2020, we also consider it to be a very difficult year for Vietnam’s textile andgarment industry. We still strengthen the restructuring, improve the quality ofhuman resources and minimize the waste of time. Traditional brands such asGarment No. 10 must have very specific mission directions to be able to standfirm and develop, ”said Mr. Than Duc Viet.

Mr.Le Tien Truong, General Director of Vietnam Textile and Garment Group, saidthat if enterprises do not have specific directions and strategies in thecontext of unpredictable world, then difficulties will recur in 2020.

Vietnam’s textile and garment industry will also face difficulties in 2020.

“Supplychain stakeholders need to understand precisely that members of the supplychain may not have the same role and power, so that in each specific situationwe can decide whether to make textile or not, what kind of fabric to do andwhat scale?”, Mr. Truong analyzed.

“The goal isto do more to increase competitiveness rather than just meet rules of origin;Competitiveness must move forward ”, said Mr. Truong.

Vietnam’stextile and garment industry defines the objectives of 2020 and the 5-year planof 2020-2025 with specific targets such as maintaining the growth rate ofexport turnover in the next 5 years at 6%; implement the strategy of greeningthe textile industry; improve the quality of working environment and income forworkers.

VOV

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