Vietnam’s apparel sector expected to grow by 11.2 pct this year

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Vietnam’s apparel sector is forecast to grow by 11.2 percent annually this year with an export revenue of 39 billion USD, reported the Vietnam Textile & Apparel Association (VITAS).

During a press conference in Hanoi on December 7 to announce the conference scheduled for December 17 which will be held both online and offline in Hanoi, Ho Chi Minh City and Da Nang, VITAS Vice Chairman and Secretary General Truong Van Cam said the event aims to review the sector’s activities this year and outline tasks to realise its development strategy for the 2020-2025 period with a vision to 2030.

He said the sector saw positive signals with the reopening of major markets such as the US and the European Union. In particular, Vietnam has switched from a zero COVID-19 approach to safe and flexible adaption to and effective control of the pandemic in combination with economic development in line with the Government’s Resolution No.128/NQ-CP.

Based on the pandemic situation and Resolution No.128/NQ-CP, Cam said VITAS has built three scenarios for growth. In the first scenario, export earnings will hit 42.5-43.5 billion USD if the pandemic is basically under control in the first quarter next year. The second scenario sets a revenue of 40-41 billion USD if the pandemic is curbed in mid-2022 and 38-39 billion USD if the pandemic lasts till late 2022 in the third scenario.

VITAS will continue connecting domestic and foreign enterprises together to form a supply chain, expand export markets and actively work at international organisations such as the International Textile Manufacturers’ Federation (ITMF), the ASEAN Federation of Textile Industries (AFTEX) and the Asia Fashion Federation (AFF), he said.

He added that it will also connect firms with international apparel associations and organisations and open training courses on design, sale and trademark building.

At the same time, VITAS will also uphold its role as a bridge between apparel firms and the Government and State management agencies to report problems related to policies and mechanisms, administrative procedures, specialised inspection, taxation, customs, salary and insurance while negotiating free trade deals together with the Government to create favourable conditions for apparel business community.

At the conference, opportunities and challenges faced by the sector in new normal as well as orientations and tasks next year will be presented, according to the VITAS.

A dialogue among State management agencies, associations, businesses, trade unions and international organisations is also planned for as part of the conference./.

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