Vietnam’s textile and garment industry will be facing a gamut of challenges next year, including Industry 4.0 and a shift from simple cut, make and trim (CMT) processing to modes that involve purchasing materials, free on board (FOB), original design manufacturers and original brand manufacturers, according to experts at a recent a seminar in Hanoi.
The seminar, titled ‘Prospects for textile and garment export in 2019’, was organised as part of the September 19-21 Vietnam Hanoi Textile & Garment Industry Expo (HanoiTex) 2018.
Industry 4.0 will shake up the country’s textile sector and force players to make heavy investments in both equipment and human resources, a Vinetnamese news agency reported quoting experts.
Added to all this is fierce competition from Bangladesh, Cambodia, Laos, Sri Lanka and Myanmar.
In the first eight month of 2018, Vietnam exported $23 billion worth of apparel, a year-on-year surge of 15 per cent. Export revenue for the whole year is projected at $35 billion.