Vietnam’s textile and garment industry faces tough seas in 2019
Updated : Friday, September 21, 2018 4:11 PM (GMT+0700)

2019will be a challenging year for Vietnam’s textile and garment industry as itneeds to obtain major breakthroughs to take on new roles in the global valuechain, including shifting from simple processing - Cut, Make and Trim (CMT) -to purchasing materials, free on board (FOB), original design manufacturer(ODM) and original brand manufacturer (OBM) modes.

 
2019 will be a challenging year for Vietnam’s textile and garment industry - Photo: VNA

The information was heard atthe seminar “Prospects for textile and garment export in 2019” held in Hanoi onSeptember 20 as part of the Vietnam Hanoi Textile & Garment Industry Expo(HanoiTex) 2018.

Experts said that Industry4.0 will have huge impact on Vietnam’s sector, forcing it to shake up and makeheavy investments in both equipment and human resources.

Now, thorny problems for thegarment and textile enterprises are not only number and value of orders andgrowth pace, but also technological innovation and human resources training.

According to economist LeDang Doanh, made-in-Vietnam garment and textile products are facing fiercecompetition from those in Bangladesh, Cambodia, Laos, Sri Lanka and Myanmar.

He suggested local firms toenhance competitive edge to grasp opportunities and gain foothold in thefluctuating market.

A representative from theMinistry of Industry and Trade said that the Vietnamese economy has attainedsignificant achievements during the international integration, with stableeconomic growth and favourable business climate, to which the garment andtextile sector has made significant contributions.

Last year, the sector earnedmore than 31 billion USD in export revenue, up 10 percent from 2016. In thefirst eight month of 2018, Vietnam exported 23 billion USD worth of clothingproducts, a year-on-year surge of 15 percent. Export revenue for the whole yearis forecast at 35 billion USD.

The HanoiTex 2018, whichopened in the capital city on September 19 and runs until September 21, helpfirms learn about new technologies, thus increasing the rate of locally-madematerials and meeting foreign clients’ demand. Also, it provides a platform forbusinesses in the field of finance, investment, manufacturing to meet partners,expand markets and work out long-term business strategies.

Co-hosted by the Hong Kong’sCP Exhibition Company and the Vietnam National Textile and Garment Group, theevent lured 120 exhibitors from China, Germany, Japan, the Republic of Korea,Pakistan, Taiwan (China), Thailand and Vietnam on a site of over 6,000sq.m. 

On display are patterned,dyed, high-tech and micro-fibre fabrics, anti-dry weaving materials, and machineryused in sewing, weaving, embroidery, dyeing chemicals and many othermaterials. 

On the sidelines of theevent, seminars on building fiber – textile - weaving connectivity chain andimproving workforce quality in the field to meet demand of the Fourth IndustrialRevolution will also be held.

Source:VNA

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