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Vietnam earns $2.6 bn from garment exports in Jan

23
Feb '21
Pic: Shutterstock
Pic: Shutterstock
Vietnam earned $2.6 billion from exports of textiles and garments in January 2021, up by 3.3 per cent year on year, according to the ministry of industry and trade, which recently said the textile production index and the apparel production index increased by 16.6 per cent and 9.9 per cent respectively during the month over the same period in 2020.

The production of fabrics was estimated at 92.4 million sq. m during the month, up by 20.4 per cent.

According to Vu Duc Giang, chairman of the Vietnam Textile and Apparel Association (VITAS), the pandemic will continue to affect the sector until 2022.

If COVID-19 vaccines are available in the first and second quarter of 2021, the pandemic is expected to be controlled by the end of 2023. Then, the textile and garment market could witness a recovery, Giang said.

He said textile and garment businesses must change production and business models as the pandemic has made global purchasing power for apparel products, including many traditional export garment products of Vietnam, fall by 70-80 per cent.

This is a big challenge for the Vietnamese textile and garment industry. Businesses need to learn about changes in domestic and global markets to find solutions in production and business this year, Giang was quoted as saying by a Vietnamese media outlet.

The textile and garment industry also needs to have a sustainable development strategy, including changes in production and business models according to the needs of brands and global consumers. They should pay attention to standards, certificates of origin and certification of environmental assurance, energy saving, renewable energy and product safety.

To implement a sustainable development plan for the textile and garment industry, VITAS has proposed the ministry and the government to release the textile and garment development strategy for the 2030-2040 period. That would create favourable conditions to call investment to industrial zones to produce material that faces a supply shortage.

Le Tien Truong, chairman of the Vietnam National Textile and Garment Group (Vinatex), said that in addition to the efforts of garment makers, the government should consider lowering borrowing costs so that they can meet new requirements as well as invest in producing materials to meet rules of origin contained in new free trade agreements.

He also suggested the government introduce specific policies to support the garment sector’s development and direct the relevant agencies to reduce logistics costs and other tax burdens.

Fibre2Fashion News Desk (DS)


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