Vietnamese apparel firms have been busy so far this year to complete orders, toward achieving the goal of earning about 47 billion USD from export this year on the back of incentives brought about by free trade agreements that already took effect.
Hanoi (VNA) – Vietnamese apparel firms have beenbusy so far this year to complete orders, toward achievingthe goal of earning about 47 billion USD from export this year on the back ofincentives brought about by free trade agreements that already took effect.
Businesses also plan to invest in modern technology toimprove business efficiency and workers’ income this year.
The global apparel demand is forecast to decrease by nearly5% annually this year to around 700 billion USD, resulting in a decrease of25-27% in the number of orders.
Major importers of Vietnamese apparel such as the US, Chinaand the Republic of Korea have shown signs of smaller demand since October2022. Meanwhile, the European Union and Japan still maintained positive growthbut it was lower than previous months.
Chairman of the Vietnam Textile and Apparel Association(VITAS) Vu Duc Giang said in order to achieve sustainable development, thesector will continue calling for investment to the material supply chain; building sale solutions; and developing automation, digital governance, atransparent business environment and hi-quality workforce.
He admitted that the sector is facing intense competition from Bangladesh, India and Indonesia, especially products with simple designs.
In the near future, about 30-35% of apparel makers will sufferfrom the shortage of orders while the remainder will face price pressure. However,the sector is still able to produce mid and hi-end products which is one of itsadvantages to accelerate export, he said.
Domestic textile firms also suggested the State adjustpolicies and mechanisms flexibly, especially those related to credit and foreignexchange rate to improve their competitiveness./.
The Vietnam Textile and Apparel Association (VITAS) has set a goal of helping Vietnam's textile and garment industry be more environmentally friendly by 2030.
The textile and garment sector has predicted that difficulties will remain for its exports in the first half of 2023, but there are also silver linings it can pin hopes on.
Domestic garment and textile enterprises are racing to recruit more labourers, especially skilled workers, to fulfil their orders of high-quality products, according to the Vietnam Textile and Apparel Association (VITAS).
With obstacles and challenges awaiting the garment and textile sector in the first half given a lack of recovery signal in global demand, most firms have prepared their schemes to overcome.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
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Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
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Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
Illustrative image (Photo: VNA) 
