Business News

Việt Nam’s underdeveloped fabric production is making it difficult for textile and garment businesses to take advantage of free trade agreements, including the Europe – Việt Nam FTA (EVFTA).

Việt Nam's leather and footwear industry was on course for a strong recovery as more international fashion brands were valuing the country as an important part of the global supply chain, according to the Vietnam Leather, Footwear and Handbag Association (LEFASO).

Garment and textile companies need to develop a strategy for digital transformation to ensure their survival and future development, a seminar heard in HCM City yesterday.

Footwear exports this year are unlikely to hit the target of US$24 billion because of the fallout of the Covid-19 pandemic, according to the Ministry of Industry and Trade.

The Việt Nam Textile and Garment Group (Vinatex) forecasts Việt Nam's textile and garment exports will continue to decline by 14-18 per cent each month for the rest of 2020 over the same period last year.

Armed with experience from coping with the first wave of the COVID-19 epidemic, many textile and footwear enterprises are quietly confident they can alter their plans as required and find new markets to cope with the second.

With the second wave of Covid-19, Vietnam's textile and footwear industries, still reeling from the impact of the first, are likely to see things worsen.

“To take those advantages, the local textile and apparel enterprises must strengthen links among them to focus all sources on manufacturing materials meeting requirements on product origin in FTAs like the EU-Việt Nam Free Trade Agreement (EVFTA), especially fabric for producing export garment products," he told Việt Nam News.