Opportunities and challenges coexist in Vietnam's textile and garment industry

Vietnam's "Customs Online" reported on May 13 that on May 13, Vu Dejiang, chairman of the Vietnam Textile and Apparel Association (Vitas), said at the seminar on sustainable production of textile supply chains organized by Vitas and IFC that in the first four months of this year, Vietnam's textile and garment exports have reached nearly 11 billion US dollars, an increase of nearly 21% year-on-year. Signed free trade agreements bring great opportunities to Vietnam. In particular, the RCEP agreement, which has just come into force in early 2022, is a great opportunity for Vietnam.
 

 

In addition, despite the complex development of the epidemic, the demand for Vietnamese textile and clothing products is still growing, and the export value in the first four months of this year increased by nearly 21%. Among them, Vietnam's textile exports to major export markets such as the United States, Europe, and Japan have achieved positive growth results.

 

However, in addition to opportunities, Vietnam's textile and garment industry also faces three major challenges. One is that the global supply chain is still affected by the epidemic, leading to supply chain interruptions; the other is that all brand companies require the use of recycled products, and the supply chain of Vietnam's textile and garment industry is still limited; the third is labor resources.