Garment Corporation 10 is ramping up its production capacity to meet buyers’ demands, says Than Duc Viet, General Director. As per a Vietnam.net report, the company has been flexible in implementing its business strategies, so the orders it has received are enough for the firm to implement until the end of this June. Despite the Covid-19 pandemic, the prospect of the garment market remains bright.

As local textile-garment firms have gained experience in responding to Covid, they now can facilitate production and adapt to the COVID situation concurrently.

Le Tien Truong, Board Chairman, Vietnam National Textile and Garment Group (Vinatex), says, the group is set to o achieve its growth rate of over 8 per cent this year. To obtain sustainable development in 2022, Vinatex aims to focus on speeding up digital transformation and continue to develop its supply capacity for the hosiery sector.

In 2022, VITAS forecast that local textile-garment firms will continue to face a host of challenges, including logistics costs rising threefold against the average figure recorded over the past five years; disadvantages in terms of exchange rates that left Vietnamese textile-garment items less competitive than those of its rivals; and labor imbalance.

Further, these firms in the field have to face other obstacles such as the competition from major rivals including China, India, Bangladesh and the market share of the sector.

Data from the Ministry of Industry and Trade showed that the textile-garment sector exported US$39 billion worth of goods in 2021, rising 11.2 per cent year-on-year, but its market share made no progress.