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Vietnam: Textile industry to witness transition period in 2019, say experts

Experts at the Hà Nội Textile & Garment Industry – Fabric & Garment Accessories Expo in Vietnam said, the textile and garment industry is likely to go through a transition period in 2019; requiring breakthroughs to shift its position in the global value chain. A representative from the Ministry of Industry and Trade also reiterated that 2019 would continue to be a challenging year for the textile and garment industry. The sector needed to shift towards a new position in the global value chain, from Cut-Make-Trim (CTM) to Original Equipment Manufacturing (OEM)/Full Package/Free on Board (FOB) and Original Design Manufacturing (ODM) and Original Brand Manufacturing (OBM) to generate higher added value.

Experts also said that the Industry 4.0 would have significant impacts on the industry, forcing producers to invest more in equipment and staff. However, they warned that Việt Nam’s textile and garment sector would face fiercer competition from Bangladesh, Cambodia, Laos, Sri Lanka and Myanmar, adding that it was important to enhance competitiveness to be able to grasp opportunities.

 

 
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