Vietnam’s textile and garment industry is predicted to earn $33.5-$34 billion from exports in 2020, higher than the forecast of $30-$31 billion in April, and down 14-15 per cent year on year. The industry’s export turnover reached an estimated $24.76 billion in the first 10 months of this year, declining by 9.3 per cent compared to the same period last year, according to data from the ministry of industry and trade.
The ministry said textile enterprises need to take measures, as well as adjust their production activities and business forms to suit the fluctuations of the market due to the severe impacts posed by the COVID-19 pandemic.
Attention should also be paid to exploiting the domestic market and forming production chains meeting regulations of origin stated in free trade agreements that Vietnam signed with partners, a Vietnamese news agency report cited the ministry as saying.
Addressing a recent working session to seek solutions to difficulties facing the industry amid the health crisis, Prime Minister Nguyen Xuan Phuc suggested the sector strengthen application of digital technologies and make effective use of free trade agreements
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