Le Truong, Director-General of the Vietnam Textile and Garment Group (Vinatex), is recommending that Vietnam concentre on basic products, with exports of textiles and clothing in the country expected to decrease by 14% to 18% in the last six months of the year. The country’s total export revenues are projected to decrease to $32.75 billion by 16 percent. The Vietnamese Ministry of Commerce and Industry said that the textile industry increased by 1.8% during the first seven months of this year, while the production of clothes fell by 4.6% over the same period in 2019.
In the last seven months, export turnover of textiles and clothing decrease 12.1% to $16.18 billion, and in the same period 2019, export turnover of fiber and textile fibers fell by about 20.9%. Whilst clothing stayed in the fourth position after savings on the priority list, there was very small budget for clothing. Vietnam therefore requires the short term acceptance of flexible , non-specialized production plans; continued focus on cost saving, increased competitiveness; accepted competition and manufacturing in difficult conditions, Le Tien Truong said.