Garment-textile sector eyes 39 billion usd in export turnover

As such, Vietnam's garment-textile exports reached only 35 billion USD last year. As a result, for the first time in the last 25 years, the sector has experienced a negative growth rate of 10.5%.

The garment and textile market is forecast to start recovering in the second quarter of 2022 and is expected to continue facing difficulties in 2021.

Vietnam National Textile and Garment Group (Vinatex) Chairman Le Tien Truong suggested the Government cut long-term interest rates, elaborating that garment-textile firms would find it hard to access loans after a year of low business efficiency.

Enterprises hope for specific policies to be adopted by the Government to assist the support industry in the sector, he added.

According to Truong, localities have supported the sustainable and clean production of the garment-textile industry which, he said, must follow global rules set for the supply chain.

Under the Government management, the sector has reduced non-production costs, especially those for logistics services through the national logistics network, and other non-tariff costs.