Vietnam: Textile and Garment industry in 2020 expects to reach 42 billion USD in export.

To achieve this goal, textile enterprises will need a greater effort in 2020. Looking back at 2019, the representative of Vietnam National Textile and Garment Group said that it was a quite "turbulent" year for Vietnam's textile and garment industry, with an export turnover of US $ 39 billion.

Although there was an increase in export, it is slower than the growth of previous years. In addition to the requirements on price, quality and progress, many new requirements are additionally posed by major buyers, which are challenges of the textile industry.

Vietnam's textile and garment industry aims to achieve an export turnover of about 42 billion USD in 2020

According to Mr. Than Duc Viet, General Director of May 10 Corporation, the challenges of the market require textile enterprises to focus on restructuring, improving the quality of human resources and branding.

“In 2020, we also consider it to be a very difficult year for Vietnam's textile and garment industry. We still strengthen the restructuring, improve the quality of human resources and minimize the waste of time. Traditional brands such as Garment No. 10 must have very specific mission directions to be able to stand firm and develop, ”said Mr. Than Duc Viet.

Mr. Le Tien Truong, General Director of Vietnam Textile and Garment Group, said that if enterprises do not have specific directions and strategies in the context of unpredictable world, then difficulties will recur in 2020.

Vietnam's textile and garment industry will also face difficulties in 2020.

“Supply chain stakeholders need to understand precisely that members of the supply chain may not have the same role and power, so that in each specific situation we can decide whether to make textile or not, what kind of fabric to do and what scale?”, Mr. Truong analyzed.

“The goal is to do more to increase competitiveness rather than just meet rules of origin; Competitiveness must move forward ”, said Mr. Truong.

Vietnam's textile and garment industry defines the objectives of 2020 and the 5-year plan of 2020-2025 with specific targets such as maintaining the growth rate of export turnover in the next 5 years at 6%; implement the strategy of greening the textile industry; improve the quality of working environment and income for workers.