Vietnam has become the world’s leading textiles and garments exporter (Photo: VNA)Hanoi (VNA) - According to fibre2fashion.com,Vietnam has become the world’s leading textiles and garments exporter.
Textileand garment exports play an important role in the country’s economy, accounting forabout 12.52% of export turnover. This shows the importance and influence ofthis industry on Vietnam’s trade.
Over the recent decades, Vietnam has recorded high growth inthe industry and become a major supplier of garments.
Despite difficult and challenging situation, Vietnamis expected to achieve high economic growth in terms of capital expenditurethanks to a strong increase in foreign direct investment (FDI) and investmentin infrastructure.
The Vietnamese government has identified the need toinvest in domestic infrastructure. Investment in power infrastructuredemonstrates Vietnam’s commitment to common infrastructure development.
The textile industry, including synthetic textiles,plays an important role in Vietnam’s exports. Vietnam has also made efforts toimprove the business environment and promote sustainable practices in thetextile and garment industry. With its continued economic development, Vietnamcontinues to attract investors and strengthen its presence in global trade.
Vietnam has been making efforts to promote sustainableactivities in the textile and garment industry. The government has initiatedplans to improve environmental standards, energy efficiency and wastemanagement.
Sustainable materials are increasingly being developedsuch as organic cotton and recycled fibers to reduce environmental impact.
Customers, especially those representing major brandsand international brand chains, are restructuring global supply chains to meetstringent sustainability goals with regard to environmental performance.
Fiber2fashion.com said that Vietnam has really becomeone of the leading textile and garment suppliers in the world.
Vietnam’s success in this industry can be attributedto many factors such as natural resources as the country has a suitable climatic conditionsfor growing cotton and natural fibers, an open economy which has implementedeconomic reforms and actively participated in international trade, low laborcosts which helps to attract FDI, and stable cross-border trade with stablecross-border trade through many agreements.
These factors, together with investment ininfrastructure, skills development and production capacity, have spurred thedevelopment of Vietnam’s textile and garment industry.
Vietnam has attracted major international brands andretailers and has become an important source of supply./.
