Vietnam's textile and garment market to recover slightly in the second quarter
2023-04-12 16:09According to data from the U.S. Office of Textiles and Apparel, textile and garment imports from China last year topped $132 billion, or 26% of all imports, making it the largest supplier. Vietnam followed with a 14.9% share.
According to the chairman of the Vietnam Textile and Apparel Association, Vu Duc Giang, for the textile and garment industry to grow sustainably, investment in raw material supply chains is necessary, as are FOB sales solutions (purchase of raw materials, production, semi-finished products) and ODM (design and manufacture as ordered).
Vietnam would benefit greatly from the largest textile and garment exhibition ever held in Ho Chi Minh City on Wednesday, he said.
It featured hundreds of booths displaying smart devices made by 1,300 companies from 21 countries and territories.
Globally buyers are changing, not just demanding high quality but also rapid supply, meaning manufacturers require sophisticated equipment to meet their needs.
Analysts forecast the textile and garment market to recover slightly in the second quarter, but Vietnam will face stiff competition from Bangladesh, India and China.