The textile and garment industry expects export turnover to reach $50-52 billion in 2025 and $68-70 billion in 2030, according to the strategy document.
The strategy states that developing the fashion industry is considered a new direction. Accordingly, this sector will focus on developing designers, and raw material supply, production and distribution systems to form supply chains and create sustainable foundations for the development of the domestic fashion industry as well as fashion centres in Hanoi and HCM City.
The strategy encourages enterprises to gradually switch their production methods to free-on-board (FOB) and original design manufacturer to add value to products, and build a private brand to improve the competitiveness of the businesses and products.
The textile and garment industry strives to have a localisation rate of 51-55 per cent in 2021-2025 and 56-60 per cent in 2026-2030.
Domestic leather and footwear enterprises need to actively adapt to market requirements on sustainable product development standards, Nguyen Duc Thuan, chairman of the Vietnam Leather, Footwear and Handbag Association (LEFASO), told a domestic media outlet.
The strategy also mentions the role of state management agencies in encouraging enterprises to invest in producing fibre, yarn, textile and dyeing with advanced technology and connections with domestic garment enterprises.
ALCHEMPro News Desk (DS)
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