According to Pham Xuan Hong, chairman of the Ho Chi Minh City Textile and Garment and Weaving and Embroidery Association, Vietnam’s textile and garment exports are expected to reach US$40 billion in 2019, but profits are lower than in 2018. The reason is the increase in labor wages and high input costs.
As for the prospects of the textile and garment industry in 2020, the growth rate of the industry is at least 10%. At present, several manufacturers have completed order negotiations early next year. Facing the impact of the 4th Industrial Revolution, companies will introduce many new advanced technologies to improve production capacity and product quality, so they need to strengthen human resources training. In addition, manufacturers should also pay attention to regulations on child labor, forced labor and discriminatory treatment, and not violate basic labor standards.
