The garment-textile export in 2017 is expected to hit 30.5 billion USD, much higher than that of the previous year (28.1 billion USD) (Photo VNA)Hanoi (VNA) – Applying newtechnologies to reduce production cost and increase competitive edge is theurgent solution for the garment-textile industry given global fiercercompetition.
It is also necessaryfor businesses to seek more markets outside the Association of Southeast AsianNations (ASEAN) and reinforce its niche on major ones such as the US, the EU,and Japan to maintain growth.
Another potential markets are countries from theEurasian Economic Union (EAEU), particularly Russia. Whereas the Republic of Korea continues to be a fertile landfor enterprises to explore since the Vietnam-RoK free trade agreement has comeinto force.
As the number of orders is likely to declinewithout price hike, businesses are warned to make full use of modern equipmentto reduce production cost and increase competitiveness.
DirectorGeneral of the Vietnam National Textile and Garment Group (Vinatex) Le TienTruong said the application of new technologies will help increase productivityand use less labour.
Besides opportunities, the fourth industrialrevolution also poses challenges regarding investment, restructure and labour,he said, adding that the appropriate technological access and the clarificationof self-potential will help businesses choose the most efficient way to penetrateinto foreign markets.
According tothe Vietnam Textile & Apparel Association (VITAS), the garment-textileexports increased nearly 10 percent year-on-year to reach 19.8 billion USD inthe first eight months of 2017.
The US is making up the biggest proportion of 51percent of Vietnam’s total apparel exports.
The garment-textile export in 2017 is expectedto hit 30.5 billion USD, much higher than that of the previous year (28.1billion USD).-VNA
