Ta Hoang Linh, Director of the European-American Market Department under the Ministry of Industry and Trade (MoIT), said the group’s export revenue has grown impressively over the past years, significantly contributing to the country’s total export value.
However, he said, intrinsic limitations and stringent regulations set by importers are posing marked challenges to Vietnamese firms, suggesting them catch up with the trend of green, sustainable economy, stay updated on consumer preferences, and work out clear strategies on developing new products.
According to Director of the HCM City Investment and Trade Promotion Centre (ITPC) Tran Phu Lu, Vietnamese fashion, furniture and household goods hold export advantages, especially in terms of product quality. However, finance and personnel limitations have made it hard for domestic enterprises to compete with big brands in the world.
He suggested them optimise digital transformation in production, closely coordinate with suppliers, put forth flexible production and management plans, and keep a close watch on market changes.
Tran Nhu Tung, Vice Chairman of the Vietnam Textile and Apparel Association (VITAS), said partners have asked Vietnamese factories to use clean energy, make commitments and take specific actions in shifting to sustainable production.
Given the fierce competition, he advised domestic enterprises to invest more in machinery and equipment to raise productivity and quality, while diversifying products and markets.
