Apparel / Textiles & Accessories

Recently, Wu Dejiang, chairman of Vietnam textile and Garment Association (vitas), said at the seminar on sustainable production of textile supply chain jointly held by Vitas and IFC that in the first four months of this year, Vietnam's textile and garment exports reached nearly 11 billion US dollars, a year-on-year increase of nearly 21%. The signed free trade agreement has brought great opportunities to Vietnam. In particular, the RCEP agreement, which has just entered into force in early 2022, is a great opportunity for Vietnam.

In addition, despite the complex development of the epidemic, the demand for Vietnam's textile and garment products is still growing, and the export volume in the first four months of this year 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, resulting in the interruption of the supply chain; Second, all brand companies require the use of recycled products, while the supply chain of Vietnam's textile and garment industry is still limited; Third, labor resources.