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Opportunities and challenges for textile and garment businesses in 2024

23/05/2024 02:10 PM
On May 17, 2024 in Ho Chi Minh City, the Vietnam Textile and Apparel Association (VITAS) in collaboration with Vietnam Technological and Commercial Bank (Techcombank) organized a seminar with the topic: "Macroeconomic forecast 2024 - opportunities and challenges for textile & garment enterprises". Representatives of nearly 50 textile and garment enterprises in the Southern region attended the seminar.
The purpose of the seminar is to share with businesses information about the overall market situation, analysis of opportunities and challenges for textile and garment businesses in 2024, comments and assessments on regulations in large markets that affects Vietnam's textile and garment industry. Thereby, experts share solutions to increase competitiveness and expand the market of businesses in the industry through investing in the value chain towards greening and sustainable development.


Mr. Vu Duc Giang - Chairman of VITAS shared opportunities & challenges for the textile industry

Speaking at the seminar, Mr. Vu Duc Giang -  Chairman of VITAS analyzed the opportunities and difficulties, challenges for Vietnam's textile and garment industry. Accordingly, opportunities include: Stable politics; Vietnam participates in 16 FTAs (already in effect); Highly skilled textile workers; Have reputation with the brand; The garment industry catches up with automation and global digital management; Diversify markets and diversify products; Continue to invest in greening (reducing greenhouse gas emissions, carbon credits...); Proactively switch from CMT to OEM (FOB), ODM.

Challenges include: Purchasing policies of importing countries: requiring products to contain recycled fibers, natural fibers...; Changing the way of purchasing: shorter delivery times; Political relations between major countries; US Forced Labor Act; SMEs lack financial resources to invest in "green transformation and digital transformation"; Difficulties in developing own brand.

Mr. Giang said that the companionship of agencies, departments, branches and banks with textile and garment enterprises in reflecting and proposing to remove difficulties is very important. Cooperation and coordination from a leading prestigious private bank like Techcombank will join VITAS in implementing the 3 strategic goals that have been set out, while helping the business community increase resources and advantages in domestic and world markets.


Mr. Nguyen Hoang Tung - Techcombank expert discussed macroeconomics in 2024

Mr. Nguyen Hoang Tung - Techcombank Economic and Financial Market Analyst shared about macroeconomics in 2024, updated the latest on the economic situation of the US, EU and Vietnam, and gave capital solutions, digitizing capital and liquidity management to optimize financial costs as well as help businesses proactively make plans and decisions to manage exchange rate and interest rate risks.


Mr. Nguyen Tuan Hong Phuc - Deputy General Director of KPMG Vietnam analyzed ESG

Mr. Nguyen Tuan Hong Phuc - Deputy CEO, Head of Customer Strategy and Operations Consulting Department - KPMG Vietnam discussed the content of ESG (Environment - Social - Governance), orientations and roadmaps to meet ESG standards and sustainable development of Vietnamese textile and garment enterprises. This is also an important factor to increase competitive advantage for businesses in the coming time, meeting the requirements of demanding markets such as the US and EU.


Q & A session

Mr. Phan Thanh Son - Deputy General Director and Director of Global Transaction Banking of Techcombank, said that Techcombank always appreciates the contributions of the textile and garment industry to the Vietnamese economy and intends this to be one of the key areas to accompany.

With the vision of "Transforming the financial industry, enhancing the value of life", Techcombank constantly invests to research, update and apply effective comprehensive financial solutions, suitable to the needs of each business customer segment.

Representatives of VITAS, Techcombank leaders and speakers at the conference

Appreciating the efforts of the seminar Organizing Committee, the delegates all said that, with the increased coordination, connection and sharing of Techcombank and VITAS, businesses will overcome difficulties and challenges together, enhance the brand and continue to reap successes in the integration process.

Representatives of Techcombank and VITAS leaders also affirmed that in the coming time they will continue to coordinate with domestic and foreign partners and experts to organize more specialized seminars to provide in-depth market information, helping businesses increase their strength, enhance their position and contribute to the sustainable development of Vietnam's textile and garment industry.

Article and photos: Nguyen Binh - VITAS

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Phone : 84-24-39349608 / 39361167 / 39364134
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