Vietnam’s “Investment Online” reported on November 24 that on the afternoon of November 23, Vietnamese Prime Minister Nguyen Xuan Phuc hosted a working meeting on Vietnam’s textile, clothing and footwear industry. Nguyen Xuan Phuc suggested that textile companies should increase investment in raw and auxiliary material projects, increase the added value of products, actively participate in the supply chain, and effectively utilize free trade agreements.
Nguyen Xuan Phuc said that Vietnam’s textile, clothing and leather footwear industry plays an important role, using a large number of laborers (up to 4.3 million people), and exports account for a large part of Vietnam’s total exports In terms of proportion, these two industries exported US$62 billion in 2019, accounting for 24% of Vietnam’s total exports. Vietnam Textile Group stated that it expects global textile industry exports to be approximately US$600 billion this year, a year-on-year decrease of 20%. In the first nine months, Vietnam’s textile industry exports were US$25.6 billion, down 12% year-on-year. Since Vietnam has controlled the COVID-19 epidemic, the decline has been much lower than that of other countries, especially in the context of a 25% drop in demand for textiles in the global consumer market.
Nguyen Xuan Phuc suggested that the textile industry should build a Vietnamese brand, connect the supply chain, invest in the development of raw and auxiliary material projects, increase added value, be more proactive in the supply chain, and pay attention to the development of textiles and dyeing and finishing industrial zone models to ensure strict and transparent implementation of environmental regulations. Nguyen Xuan Phuc instructed Vietnam’s Ministry of Planning and Investment and relevant ministries and commissions to study and formulate plans for a 500-hectare textile industrial park and R&D center. It also instructs the Ministry of Industry and Trade of Vietnam to speed up agreements with some countries on the adoption of fabric origin aggregation rules in the Vietnam-EU Free Trade Agreement, continue to reform administrative procedures, and reduce business time and operating costs.
