As per statistics by the Ministry of Industry and Trade, Vietnam’s textile and garment exports are predicted to decline by 14-15 percent year-on-year to USD 30-31 billion in 2020.

During the first 10 months of this year, the textile industry’s export turnover declined by 9.3 percent to an estimated USD 24.76 billion compared to the same period last year. Addressing a recent working session to seek solutions to difficulties facing the industry amid the health crisis, Prime Minister Nguyen Xuan Phuc suggested the sector strengthen application of digital technologies and make effective use of FTAs.

 

The ministry said textile enterprises need to take measures, as well as adjust their production activities and business forms to suit the fluctuations of the market due to the severe impacts posed by the COVID-19 pandemic.

 

Attention should also paid to exploiting the domestic market and forming production chains meeting regulations of origin stated in free trade agreements that Vietnam signed with partners, it noted.

 

The Government leader also emphasized the need to develop modern and environmentally friendly industrial parks serving the textile and garment industry, and application of circular economy.

Source: fashionatingworld.com