Many textile and garment factories are having to halt operations due to COVID-19. VNA/VNS Photo Phạm Kiên HÀ NỘI The proportion of textile and garment factories that have closed due to the COVID-19 pandemic has reached 30-35 per cent according to the Việt Nam Textile and Apparel Association (Vitas). “I think that a number of these factories will even have to close for a long time, especially small and medium enterprises,” said Vũ Đức Giang, chairman of Vitas at an online meeting on Monday. Businesses, he said, do not have enough funds to pay for three-on-site working arrangements to support employees to return to work. This is a huge challenge to stabilising Vietnamese textile and garment enterprises.
Update: April, 12/2021 - 17:49 | A garment and textile production line at Vinatex. The local garment and textile businesses have found a suitable direction despite the COVID-19 pandemic. Photo vinatex.com.vn HÀ NỘI The country’s garment and textile exports have seen recovery with turnover of US$7.2 billion in the first quarter of the year, slightly increasing 1.1 per cent from the same period last year, according to the Ministry of Industry and Trade (MoIT). Although this was not a big increase, the result demonstrates positive signs for the sector. The local garment and textile businesses have found a suitable direction despite the impact of the COVID-19 pandemic. The global textile, garment and footwear market has gradually become active again as many countries have provided COVID-19 vaccines to people, contributing to promote consumption demand.
Update: February, 24/2021 - 08:13 |
Workers at Việt Tiến Garment Corporation (VGG). From 2010 to 2020, the total revenue of Vietnamese textile and garment enterprises has increased four times from VNĐ12.35 trillion to VNĐ54.14 trillion. VNA/VNS Photo
HÀ NỘI Textile and garment companies have made big strides in the industry for the past decade, but 2020 was a challenge.
Việt Tiến Garment Corporation (VGG) recorded a sharp decline in net profit by 65 per cent in 2020 to VNĐ143 billion (US$6.2 million), the lowest profit rate in the last 10 years.
VGG attributed the decline to the negative impact of the COVID-19 pandemic around the world, especially in Japan, the US and the EU, the main export market of the corporation. Importers in these countries reduced their orders, leading to a decrease in VGG’s sales.
Update: February, 11/2021 - 08:31 |
SENSIBLE OUTLAY: Corporate social responsibility activities significantly help improve an enterprise’s competitiveness. - File Photo
The unprecedented challenges arising from the COVID-19 pandemic have highlighted more than ever the importance of responsible crisis management and sustainable development at enterprises.
Việt Nam’s successful containment of the virus significantly helped leverage the image of the country and its enterprises globally, according to Võ Trí Thành, director of the Institute of Branding and Competition Strategy. It also confirmed the importance of corporate social responsibility (CSR) efforts, associating enterprises’ brands with social responsibility and sustainable development, he said.
The garment and textile sector is targetingnbsp;an export turnover of US$38-39 billion in 2021, said Lê Tiến Trường, general director of the Việt Nam Textile and Garment Group (Vinatex).