Nam Textile News Today

Weaving and dyeing have remained textile and garment bottlenecks for many years.

Việt Nam’s economy has a good start with a growth rate of 5.66 per cent in the first quarter of this year, the highest rate since 2020. However, whether the recovery is firm remains a question.

Policies on unemployment and social insurance have also created challenges in the labour market with a rise in minimum wage which raises input costs, but product prices have not increased.

The flow of foreign direct investment (FDI) into the Vietnamese garment and textile sector has rebounded thanks to the country’s sound investment climate and abundant workforce as well as its open economy, according to insiders.

Textile and garment businesses are making a green push with development of eco-friendly products adapted to global fashion trends and by meeting the stringent requirements under free trade agreements the country has signed, according to industry insiders.

Expanding customer bases and diversifying products are the necessary solutions to maintain production and grow businesses, experts say.

After successfully conquering international markets, many businesses have returned to conquer the domestic market as more and more customers choose to buy Vietnamese products.

Multinational corporations are focusing on investing in manufacturing plants in countries such as India, Mexico, Brazil, which increases competitors in Việt Nam’s main export markets.

The garment and textile industry sets the goal for export revenue at $44 billion in 2024.

Exports have slumped from the beginning of this year as soaring inflation and economic recession took their toll on consumption demand in major export markets of Việt Nam. However, the drops slowed down in recent months.