>>>> Reference articles: Retex has the same ambition to “revolutionize” the textile industry
1. Huge potential market:
The European Union is a large market every year, the EU market has an import demand of over 100 billion USD of garments. Meanwhile, in 2018, Vietnam’s total textile and garment export turnover to the EU reached over 4 billion USD. Thus, the potential of Vietnam’s textile and garment exports to this market is still very large. Vietnam is ambitious to set foot in the fierce race of the global textile industry.
2. New opportunities for Vietnam’s textile industry in the context of the pandemic:
The “storm” of the Covid-19 epidemic is not only negatively affecting the income of workers as well as the revenue of businesses, but is providing a “golden” opportunity for Vietnam’s textile and garment industry to transform. The market launch of masks/protective gear is considered a lever and a lifeline for Vietnamese textile and garment enterprises to “turn” challenges into new favorable opportunities.
3. Garment development trend from EVFTA market:
According to the assessment and comment of experts, the EVFTA (European-Vietnam Free Trade Agreement) will boost the export turnover of Vietnamese goods to Europe, thereby accelerating the process of integration into the world economy. . The direct benefit of EVFTA is that the textile and garment industry will benefit the most due to the sharp reduction in taxes and the promotion of foreign investment attraction.
4. Opening opportunities from the EU market:
With a relatively high annual growth rate, along with the newly signed Vietnam – EU Trade Agreement, the textile and garment industry is facing opportunities to break through and expand the market in the EU. This is a significant driving force for the textile and garment industry to continue to develop in both width and depth.
5. Impact from the technological revolution on Vietnam’s garment industry:
The scientific and industrial revolution 4.0, followed by the advancement of science and technology, has had a positive impact on Vietnam’s textile and garment industry. More and more businesses are investing in modern machinery, technology and production lines to improve productivity and product quality to meet the increasing demands of customers, including the fastidious EU market. To be able to catch up with the general trend of the market, enterprises need to change the production method from traditional to managed by software system [here]
The “golden” opportunities have created the impetus for Vietnam’s textile industry to make great leaps in production. Gradually progressing further in the process of conquering other countries’ markets in the international arena.
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