Pham Xuan Hong, president of Ho Chi Minh City’s textile association, recently urged Vietnam’s textile industry to source raw materials from Malaysia and India while the Coronavirus storm gets over in China.
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Vietnamese textile and clothing (T&C) enterprises are losing their competitiveness due to high costs of logistics services for exports, experts have said.
With the demand to import more than $10 billion worth of apparel products each year, Russia is a market with potential for Vietnamese garment-textile businesses.
The fourth industrial revolution (Industry 4.0) will present a challenge for Vietnam’s textiles and garment sector within the next five years, according to Le Tien Truong, CEO of the Vietnam National Textile and Garment Group (Vinatex).
Vietnam’s exports of textiles and clothing are projected to increase by 7 per cent this year to $29 billion, far below the trade ministry’s previously-targeted $31 billion and the lowest growth in the last decade.
VTG has attracted international exhibitors with 550 booths of 400 companies from over 17 countries and territories including Australia, Thailand, Singapore, Japan, Hong Kong (China), German, Italy, New Zealand, Indonesia, Hungary, South Korea, India, Bangladesh, China and Vietnam.