Vietnam Time

9/23/2018 8:53:37 AM

Challenging 2019 ahead for textile and garment industry

2019 will be a challenging year for Vietnam’s textile and garment industry as it needs to record major breakthroughs to take on new roles in the global value chain, including shifting from simple processing - Cut, Make and Trim (CMT) - to purchasing materials, free on board (FOB), original design manufacturer (ODM), and original brand manufacturer (OBM) modes, a seminar in Hanoi on September 20 heard.

According the Vietnam News Agency, the “Prospects for Textile and Garment Exports in 2019” seminar was part of the Vietnam Hanoi Textile & Garment Industry Expo (HanoiTex) 2018.

The State-run news agency quoted experts as telling the seminar that Industry 4.0 will have a huge impact on Vietnam’s textile and garment sector, forcing it to shake up and make heavy investments in both equipment and human resources.

Thorny problems for enterprises are not only regarding the number and value of orders and the pace of growth but also technological innovation and human resources training.

According to economist Le Dang Doanh, Made-in-Vietnam garments and textiles face fierce competition from those in Bangladesh, Cambodia, Laos, Sri Lanka and Myanmar.

He suggested local firms enhance their competitive edge to grasp opportunities and gain a stronger foothold in the fluctuating market.

A representative from the Ministry of Industry and Trade said that Vietnam’s economy has made significant achievements during international integration, with stable economic growth and a favorable business climate, to which the garment and textile sector has made significant contributions.

Last year, the sector earned more than $31 billion in export revenue, up 10 per cent against 2016. In the first eight month of this year exports stood at $23 billion, a year-on-year rise of 15 per cent. Export revenue for the year as a whole is forecast at $35 billion.

HanoiTex 2018, which opened in the capital on September 19 and ran to September 21, helped firms learn about new technologies, increasing the rate of locally-made materials, and meeting foreign client demand. It also provided a platform for businesses in the field of finance, investment, and manufacturing to meet partners, expand markets, and work out long-term business strategies.

Co-hosted by Hong Kong’s CP Exhibition Company and the Vietnam National Textile and Garment Group, the event attracted 120 exhibitors from China, Germany, Japan, South Korea, Pakistan, Taiwan (China), Thailand, and Vietnam on more than 6,000 sq m.

On display were patterned, dyed, high-tech and micro-fiber fabrics, anti-dry weaving materials, and machinery used in sewing, weaving, embroidery, chemical dyeing, and other materials.

Seminars were also held on the sidelines on building a fiber - textile - weaving connectivity chain and improving workforce quality to meet demand during Industry 4.0./.

  ( VNF/Vietnam Economic Time )
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