Vietnam's textile industry attracts more orders as market rebounds

The Vietnam Textile and Apparel Association noted that the industry is currently in a race to recruit skilled workers, including those with good design capabilities, to meet demand for basic and high-end orders with complex requirements.

With the positive signals from the markets, many businesses have started hiring 100% of their labor force and recruiting additional high-quality workers to meet the demand for high-end orders from partners. The country's trade agreements are also driving foreign investment into Vietnam, diversifying its markets and products. Vietnamese firms have shifted part of their orders from countries like Bangladesh and Myanmar.

In addition, the industry is promoting localization of raw materials to support domestic production. Currently, 49% of the textile sector has localized their raw materials, and this figure is expected to increase to 51-55% over the next two years. The Vietnam Textile and Apparel Association predicts that textile exports in 2023 may reach $45-47 billion despite difficulties in key markets.

The country's sustainable development programs, digitalization, circular economy and green initiatives also attract many labels to the Vietnamese market. Encouraging textile businesses to develop sales by design, creativity and reducing outsourcing for partners are considered solutions to promote, stabilize and develop the textile industry in Vietnam.

Source: Sai Gon Dau Tu Tai Chinh