According to Vietnam’s “Vietnam News” report on December 2, Vietnam’s Ministry of Industry and Trade stated that due to the complex and unpredictable market, this year will be particularly difficult for Vietnam’s textile and garment industry and will face Huge direct losses. The total export volume of the textile and apparel industry is expected to reach approximately US$33.5-34 billion this year, a year-on-year decrease of 14-15%, but higher than the US$30-31 billion forecast in April.
Due to the epidemic, global consumers are paying attention to daily necessities and disease prevention, so the demand for textiles has declined. Vietnamese textile and garment companies are facing many problems due to low order quantities. difficulty. Le Tien Truong, general manager of Vietnam National Textile and Garment Group (Vinastex), believes that the epidemic has cut off the supply chain, leading to a decline in global demand for goods. After maintaining continuous growth for 25 years, the export volume of the textile and garment industry will decline this year, but he said that the decline in Vietnam’s textile and garment industry is smaller than that of other countries. In the face of the epidemic, textile companies have implemented rapid changes in product structure this year, from traditional products to adaptive products, such as from high-end suits and shirts to labor protection supplies, knitted clothing, and traditional shirts, in order to maintain production and business activities.
The Ministry of Industry and Trade stated that textile companies need to continue to study more solutions to change production and operation methods to adapt to the new situation. In addition, it is recommended that enterprises develop and expand the domestic market and establish contact with customers to form a production chain. </p
