Opportunities And Challenges Coexist in Vietnam's Textile And Garment Industry

Vietnam's "Customs Online" reported on May 13 that on May 13, the chairman of the Vietnam Textile and Apparel Association (Vitas), Wu Dejiang, said at the seminar on sustainable production of textile supply chains held by Vitas and IFC in cooperation that in the first four months of this year, Vietnam's textile and apparel exports have reached nearly 11 billion US dollars, a year-on-year increase of nearly 21%. The signed free trade agreements bring great opportunities to Vietnam. In particular, the RCEP agreement, which has just come into effect in early 2022, is a great opportunity for Vietnam.

In addition, despite the complicated development of the epidemic, the demand for Vietnamese textile and apparel products is still growing, and the export value in the first four months of this year has increased by nearly 21%. Among them, Vietnam's textile exports to major export markets such as the United States, Europe, and Japan have achieved positive growth.

However, in addition to opportunities, Vietnam's textile and garment industry also faces three major challenges. First, the global supply chain is still affected by the epidemic, leading to supply chain disruptions; second, all brand companies require the use of recycled products, and this supply chain in Vietnam's textile and apparel industry is still limited; third, labor resources.

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