Vietnam’s Textile Industry: Recovery Amid New Challenges
Vietnam’s textile and garment industry is seeing a strong recovery, with export turnover reaching US$ 4.3 billion in August and USD 28.3 billion in the first eight months of 2023, a 6.2% year-on-year rise, according to VITAS.
VITAS Chairman Vũ Đức Giang highlighted that the surge in orders, driven by global disruptions like the US-China trade war and instability in Bangladesh, presents a key growth opportunity. Product lines have grown between 4% and 14%, with some categories up over 20%.
However, companies face challenges in adapting to changing customer demands. Post-pandemic purchasing strategies now favor quicker turnaround times and direct-to-store shipments, requiring faster production.
The industry is focusing on diversifying product lines and strengthening supply chains. Companies are also adopting green practices and advanced technologies to meet ESG standards, a trend shaping the sector’s future competitiveness. Factories that modernize and green their operations will thrive, while those slow to adapt risk being left behind.
