Vinatex expects nine-month pre-tax profit to rise 37.8 per cent year-on-year, putting the group ahead of its full-year profit target despite continued pressure on global textile markets.
Experts said the US$48-billion target should also be viewed as an opportunity for Việt Nam''s garment and textile industry to improve productivity and increase value added for more sustainable competitiveness.
Market analysts said that although global demand remains relatively stable, the sector continues to struggle with higher input costs, including wages and logistics, while selling prices remain under pressure due to weak bargaining power.
Facing rising demand, tariffs and supply chain pressures, Việt Nam’s textile sector eyes automation, domestic sourcing and digital traceability to stay globally competitive.
This year, the footwear industry continues to target exports to Africa, Asia, Japan, Europe and the US, while also taking initial steps to engage with major e-commerce platforms like Alibaba and Amazon to open new sales channels.
Việt Nam’s garment and textiles export is projected to hit nearly US$44 billion this year, positioning the country as the world’s second biggest exporter, only behind India, said General Director of the Vietnam National Textile and Garment Group (Vinatex) Cao...
Exports have slumped from the beginning of this year as soaring inflation and economic recession took their toll on consumption demand in major export markets of Việt Nam. However, the s slowed down in recent months.
Under the development strategy approved by the Government, for the long term, the garment, textile, leather and footwear sectors are still key export industries of the economy.
Vietnamese businesses were advised to to adopt green practices to secure sustainable growth in textile and garment export to Canada, where Viet Nam ranks second among the exporters of such products.