GTAS 2023 to discuss opportunities in Vietnam's textile industry

The key topics to be covered at the event include What's the Development Plan within Next Five Years for Vietnam Textile and Apparel Industry and Outlook for 2040; Regional Policy Updates and Master Plan on Vietnam's Textile & Apparel Industry; Deep Analysis: EVFTA and its Impact on Vietnam Textile and Apparel Industry; The Latest Impact of COVID-19 on Vietnam Production and Analysis on Trade & Tax; and How to Fix the Woes of Textile Raw Material Sourcing Main from China during US-China Trade War, the organisers UMS Institute and InnoRetail said in a press release.

The event will also discuss topics like Under the New Global Trade Environment, How Will Manufactures and Brands Work Together to Build a More Resilient Supply Chain; Under the Background of Industrial 4.0, Will Digital Transformation Help Vietnam Recover from COVID-19 and Grow Faster; Rethinking Business Models for the Fashion Industry: Digital Fashion and the Metaverse; Quality & Compliance: Turning a Pain Point Into a Competitive Advantage; and Fashionably Sustainable: What's next for the Garment Industry.

The experts coming to the event will take part in discussions on Development of Eco-friendly Materials and Technologies to Adapt to Global Sustainable Fashion Trends; Sustainability Strategy for Future Plan: Environmental and Value Chain; New Trends and Practices for Technology Innovation in Textile and Garment Manufacturing; Post-COVID Sourcing Strategy: What Should We Prepare for Sourcing in Vietnam and SEA; Supply Chain Digitalization to Meet the Ever-Changing Demands of the Consumer and much more.

The summit will also host discussions on digital textile printing, labour market trends, supply chain and production chain issues, supply chain management and apparel procurement among many other topics. Another key topic will be a case study on How to Better Cooperate with Vietnamese Manufacturers as a European Brand Company.

Vietnam is considered as one of the world's leading manufacturers and exporters in the textile and apparel industry. After Vietnam fully reopened its doors to international visitors, the local market has quickly adapted to the new normal and is back on track after the pandemic. Despite optimism for future development, Vietnam's textile and apparel industry still faces many challenges such as rising costs, global supply chains and labour deficit, the release added.

Vietnam's apparel exports in the first half of 2022 totalled around $22.3 billion, up 17.7 per cent year-on-year. The growth was fairly high amid challenges plaguing the global market. Though many difficulties are expected to arise in the local market for the rest of the year, Vietnam might fulfil its target to achieve $43-43.5 billion from textile and apparel exports this year.

The high export revenue, coupled with high-quality Vietnamese products at competitive prices, has recently made the Vietnam textile and garment industry more attractive to foreign investors. Market trends and the post-COVID recovery of global exporters will lead to a boom in the apparel sector in the near future.

Fibre2Fashion News Desk (KD)