Vietnam’s textile and apparel industry is expected to accelerate growth
According to Vietnam’s “Vietnam News” on June 29, Vietnam’s textile and apparel industry will achieve the fastest growth in the next 12 years. The industry growth rate is expected to be 14% in the next two years and a further 10% by 2030. Vietnam’s textile and garment industry plays an important role in creating jobs and contributing to exports. 20% of the jobs in Vietnam’s industry are created by this industry. The textile industry is the top two industries with the highest export volume in the world. At present, in addition to exporting textiles and clothing to the United States, Europe, Japan, and South Korea, Vietnam is also actively exporting to emerging markets such as China, Russia, and Cambodia.
The textile industry has also contributed to the success of Vietnam’s foreign direct investment enterprises. 60% of Vietnam’s textile and clothing exports are created by foreign-invested enterprises. In Vietnam’s industrialized economic development strategy, the textile industry plays an important role in Vietnam’s economic structure.
On the other hand, economic labor cost advantages and preferential policies will continue to help Vietnam become an ideal destination for foreign investment in the textile industry. However, if Vietnam wants to continue to maintain its advantage in competition with Bangladesh, Sri Lanka, and Cambodia, its industry growth faces development obstacles such as low production efficiency, environmental problems, and long research and development cycles that must be gradually resolved. As a support service agency, the government should help enterprises continue to develop in aspects such as providing vocational training. (Title: Vietnam’s textile and apparel industry is expected to accelerate growth)
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