Textile enterprises are facing significant challenges when difficulties are surrounded. The global economic situation is favorable, leading to the strict application of monetary policy, negatively affecting the needs of importing goods and production activities of enterprises.
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Textile: Difficulties surrounding when orders decrease
From the end of the previous year to the present, many textile enterprises are facing significant difficulties. Issues such as lack of raw materials, increased interest rates, and lack of labor have affected the production process. In particular, consumer demand decreased, leading to no orders for businesses.
According to the initial estimate of the Vietnam Textile and Garment Association, the total value of Vietnam’s textile and garment exports in the first 3 months of 2023 was only $ 8,701 billion, down 18.63% over the same period in 2022. , the total import value of textile materials in the first quarter of 2023 reached US $ 5.087 billion, down 17.97% compared to the same period in 2022. This is worth noting because reducing imported materials also means reducing the possibility of Exporting to foreign markets in the near future.
Mr. Le Tien Truong, Chairman of the Board of Directors of Vietnam Textile and Garment Group (Vinatex), shared that many other businesses face difficulties and even have to stop operating and close their factory. Or cut contracts, Vinatex has not faced those problems. However, it is clear that compared to the last time, when it is about 40 hours of overtime, the number of businesses without overtime has increased in recent months.
Giving “script” to overcome challenges for 2023
Textile enterprises are facing the challenge of reducing orders and prices. It is forecasted that the global total textile bridge is expected to be about US $700 billion, down 8% compared to 2022.
At the same time, businesses face strict requirements from global brands, including production discounts, small orders, fast delivery time, higher quality requirements, and fabric used. Recycling. In addition, businesses must comply with many other policies of the brand. In particular, large markets such as the US and EU all have requirements for sustainable development: Green factories, digital conversion applications, and social responsibility.
>>> Read more: Textile enterprises towards sustainable development trend
To meet the requirements of the market, businesses need to recognize and adapt to the trend by applying advanced technology solutions, such as smart supply chain management systems, and product traceability,businesses can enhance transparency and reliability in managing and monitoring production processes, from raw materials to finished products. This not only meets the requirements of the brand about transparency and fairness but also helps create trust and strengthen relationships with customers and business partners.
Mr. Vu Duc Giang, Chairman of the Vietnam Textile and Garment Association, said that in order to overcome challenges, businesses must improve the operation process and technological investment to cut costs, increase productivity and improve. product quality. Towards sustainable development and the solution of many businesses to meet the global garment market share.
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