Textile and garment enterprises are still uncertain about orders for Q4/2024

DNHN - The Textile and Garment Association advises textile enterprises to focus on improving delivery quality and developing fashion industry solutions.

According to Mr. Vũ Đức Giang, Chairman of the Vietnam Textile and Apparel Association, export orders for textiles have been secured until the end of Q3/2024. However, orders for Q4/2024 remain uncertain as customers remain cautious and are closely monitoring market developments.

Mr. Giang also noted that the general situation at textile enterprises is that prices have not improved significantly, especially for orders under the FOB (Freight On Board) model.

To adapt to the current situation, Mr. Giang recommended that textile enterprises continue to diversify their markets, partners, and products. He emphasized the importance of sustainable development, including meeting green requirements, investing in digital management, and applying automation technology to certain production lines. Businesses should also focus on improving delivery quality and developing fashion industry solutions. Building strategies for Vietnamese brands and labels to increase value and competitiveness in the international market is crucial.

It is predicted that the textile industry will reach an export turnover target of 44 billion USD in 2024. However, the Ministry of Industry and Trade forecasts that 2025 will bring many unpredictable fluctuations in the global market, negatively affecting export sectors, including textiles. Therefore, the Ministry is developing several solutions to address these challenges.

Specifically, the Ministry will continue to implement programs and activities to connect supply and demand, seek markets both domestically and internationally, especially export markets. The Ministry will utilize diplomatic dialogue channels and Vietnam's trade missions in major markets such as the US, EU, Japan, China, and South Korea to seek new opportunities and orders for the textile and footwear industries, while expanding export markets beyond traditional ones.

The Ministry also advises associations and industries to strengthen business connection activities, promote the consumption of each other's products, and support each other in export promotion and market exploration.

Additionally, the Ministry will closely monitor global developments, particularly in Vietnam's major and traditional export markets, to promptly offer solutions to overcome difficulties. This includes responding to the sustainable and green development trends in the EU's consumer and fashion industries, along with new regulations on supply chains in EU countries.

The Ministry will also collaborate with local authorities to change perceptions of the textile dyeing and tanning industries to implement appropriate policies for their development and address the disruption in the domestic textile and footwear value chains. At the same time, the Ministry will continue to propose supportive policies for enterprises in the textile and footwear industries, including support in taxes, finance, credit, and social welfare.

P.V