“The fourth Industrial Revolution (Industry 4.0) will present a challenge for Vietnam’s textiles and garment sector within the next five years,” said Le Tien Truong, CEO of Vietnam National Textile and Garment Group (Vinatex). He further added that Industry 4.0 will create very rapid changes and unpredictable factors in the economy and if there are no careful preparations, production systems in the sector will not be sufficiently competitive to adapt to the changes.
During the 2017-2020 period, Vinatex must pay more attention to research and apply the technological achievements of Industry 4.0, thereby improving the productivity of workplace. 2017 will be a year with many challenges for Vietnam’s textiles and garments. The only positive signs in the first quarter were the recovery of main markets such as the US, the EU and Japan and growth of 12 per cent. “If there are few fluctuations in the economic and political situation, Vietnam’s textiles and garment sector may see growth of more than 10 per cent this year. Favorable circumstances are the key factors for enterprises under Vinatex to have an effective year,” Truong said.
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Vietnam’s textile and garment exports failed to reach the targeted US $ 29 billion in export turnover in 2016. Vinatex’s business performance was disappointing in 2016. Industrial production value increased just 3 per cent, to VND 37.7 trillion (US $ 1.65 billion), whereas export turnover of VND 2.47 trillion (US $ 108.6 million) was up 4%.
Vinatex aims to maintain growth of 13 to 15 per cent this year, with exports totalling US $ 4 billion.
