The Vietnamese garment and textile sector is carrying out various measures to bolster production and business activities amidst formidable challenges posed by falling demand, high inventory, and geopolitical instability in several countries.
The International Finance Corporation (IFC), a member of the World Bank Group, has helped Vietnamese garment-textile outsourcers save over 20 per cent of water and energy consumption.
There are huge potentials and opportunities for Vietnamese garment enterprises to directly sell products to the European market through e-commerce giant amazon.com.
Vietnamese garment and textile firms are increasing their investments in
locally made raw materials in an effort to satisfy strict rules of
origin set by free trade agreements of which Viet Nam is a member.
Vietnamese garment and textile companies are targeting total export
turnover of an estimated US$3 billion to South Korea this year, Viet Nam Investment Review reported yesterday.
Garment and textile businesses should assume defensive postures to
maintain market share and tighten up operations, as a precaution against
decline, said Hoang Ve Dung, deputy general director of the Viet
Nam National Textile and Garment Group (Vinatex).