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Le Tien Truong, general director of the Vietnam Textile and Garment Group (Vinatex) pointed out that in 2015, Vietnam exported $27.5 billion of garment-textile products but it had to spend $14 billion to import raw materials.
“Thus, Vietnam needs to overcome the problem of input raw materials," Truong said at a seminar on Vietnam's garment industry at Ho Chi Minh City.
The Vinatex CEO also highlighted the massive difference in investments in different branches of the textile industry in Vietnam.
He pointed out that only $3,000 is needed to invest in a position of garment worker (people and technology) but up to $200,000 for a fibre or dye worker.
That makes it extremely difficult for small and medium enterprises to invest in the textile and dyeing industry. Vietnam needs up to $15 billion of investment in the industry, he said.
"This figure is really a challenge for local businesses. So when the market opens, the arrival of foreign investors is unavoidable. So, to ensure healthy competition, the State needs to manage the market properly, with strict legal institutions in both technology and environmental protection,” Truong said.
He also urged local businesses to work closely together to create an overall value chain.
Professor Hansjörg Herr from the Berlin School of Economics said Vietnam should create an environment for coordination between the authorities and enterprises to enable enterprises to have quick access to creative economy. (SH)
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