This move is a new step in production, escaping the increasingly competitive conventional textile and garment production sector, and expanding opportunities from niche markets.
Vinatex PD&B will handle the design and product development phases within the supply chain, which traditionally held the highest value and were managed by buyers.
The textile industry has to proactively combat the challenges it faces such as low demand, a slowing economy, inflation, and low prices, experts have said.
The entire global market is facing difficulties due to decreasing demands induced by a recession, according to Le Tien Truong, chairman of Vietnam National Textile and Garment Group (Vinatex).
Vinatex’s report also revealed that the export revenue between January and August was worth US$30.2 billion, a rise of nearly 20 per cent over the same period last year.
The Vietnam National Textile and Garment Group (Vinatex) enjoyed a year-in-year surge of 144.2 per cent in revenue to over VND5.15 trillion (US$224.26 million) in the first quarter of 2022, completing 28.5 per cent of its target for the whole...
The country’s garment and textile exports have seen recovery with turnover of US$7.2 billion in the first quarter of the year, slightly increasing 1.1 per cent from the same period last year.
As the COVID-19 pandemic continues to disrupt global activities, some industries and businesses have applied technology and new working practice to limit its influence.
Exports of textiles and garments in January 2021 were estimated at US$2.6 billion, up 3.3 per cent year-on-year, according to the Ministry of Industry and Trade.
Chairman of the Viet Nam Textile and Garment Group (Vinatex), Le Tien Truong, tells our special issue about it overcoming unparalleled obstacles in 2020 and what this year may hold.