Vietnam’s textile and garment industry is predicted to earn about 33.5 - 34 billion USD from exports in 2020, higher than the forecast of 30-31 billion USD in April, and down 14-15 percent year-on-year.

According to statistics reported by the Ministry of Industry and Trade, the textile industry’s export turnover reached an estimated 24.76 billion USD in the first 10 months of this year, declining by 9.3 percent compared to the same period last year.

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.

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

Source: Vietnam Plus