Vietnam’s garment-textile export turnover is projected at $38-39 billion in 2021, according to Vietnam National Textile and Garment Group (Vinatex) chairman Le Tien Truong, who recently suggested cutting long-term interest rates. He told a virtual conference that garment-textile firms would find it hard to access loans after a year of low business efficiency.

Companies are hoping for specific policies to be adopted by the government to support the industry in the sector, he said.

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.

The ministry of industry and trade has also helped businesses optimise new-generation free trade agreements (FTAs). In 2020, Vietnam is the only among the world’s top five garment-textile exporters not to have to cease production, a Vietnamese newspaper reported.

Although Vietnam’s garment-textile export reached only $35 billion in 2020 against $39 billion recorded last year, the result is still remarkable given the global demand dropping by over 22 per cent.

Truong highlighted comprehensive solutions adopted by the sector since the beginning of this year when the supply chain was disrupted, saying it has worked hard to ensure jobs for more than four million workhands.