May 27, 2023 | 13:30 GMT+7

Recovery anticipated for garment enterprises

Lưu Hà -

Many foreign firms visiting Vietnam to learn about garment and textile products signals better days ahead.

Many partners from Europe and Asia have come to Vietnam to seek information on the country’s garment and textile products, indicating a recovery in exports in the sector over the second half of the year despite many difficulties remaining, Deputy General Secretary of the Vietnam Textile Apparel Association (Vitas) Nguyen Thi Tuyet Mai has said.

Exports of garment and textile products to key markets such as the US, EU, and China were down in the first quarter of the year, according to the Vietnam National Garment and Textile Group (Vinatex). Exports to the US fell 30 per cent year-on-year, with revenue reaching only $3.1 billion, to the EU by 12 per cent, reaching $820 million, and to China by 33 per cent, reaching $680 million.

Deputy Chairman of Vitas Truong Van Cam said 85-86 per cent of garment and textile products are for export, so any change in the global economy will affect the industry.

Director of the Truong Son Thinh Garment and Textile Ltd. Co in northern Thai Binh province, Vu Duy Han, said the company has faced a host of difficulties from declining orders and lower prices.

In order to cope with the difficulties, companies have had to identify measures to diversify products and markets, renew technology, and use online and e-commerce platforms to promote products.

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