Textile industry adapts to new development trends

The Hanoi Promotion Agency (HPA) organised a seminar on "Solutions to improve corporate governance in the textile and garment industry in the new context", on August 16.

Delegates presented at the seminar.
Delegates presented at the seminar.

Speaking at the opening of the seminar, Le Tu Luc, Deputy Director of the Hanoi Promotion Agency, said that Vietnam's textile and garment industry has always been one of Vietnam's main export industries for many years.

2022 is the time when textile enterprises gradually recover from the heavy impact of the COVID-19 pandemic. In the first six months of 2022, textile and garment export turnover was estimated at 22.3 billion USD, up 17.7% over the same period in 2021. The trade surplus was 8.86 billion USD, up 32% compared to the first six months of 2021. This can be seen as a great effort of the textile and garment enterprises in the context of the world's economic difficulties, emphasised by Le Tu Luc.

After the impact of the COVID-19 epidemic, textile and garment enterprises are focusing on investing in research and development of raw materials and auxiliary materials for production, improving their initiative to reduce dependence on imported raw materials, and at the same time, seek to quickly adapt to new business conditions, such as diversifying product lines and markets, and the application of a new payment mechanism that is different from the traditional way of buying and selling before.

For the textile and garment industry to overcome challenges and make good use of the “golden” opportunities in development, the participants in the seminar proposed solutions to attract investment in the textile and garment industry, especially in the textile-dyeing projects, and production of new materials of natural origin, which are environmentally friendly.

At the same time, it is necessary to improve management capacity and develop human resources for textile and garment enterprises. Enterprises should continue to promote the development of brands and new products, diversify the supply of raw materials and accessories and export markets, and "green" the textile industry.

The goal of export turnover by 2030 is to reach 68 billion USD to 70 billion USD.