Economy
Policies needed to encourage e-commerce to embrace circular economy
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| Việt Nam's textile and garment industry is forecast to earn about $33.5-34 billion from exports this year. —Photo enternews.vn |
HÀ NỘI — Prime Minister Nguyễn Xuân Phúc requested garment-textile and footwear sectors promote the building of Vietnamese brands and supply chain linkages during a working session with the sectors’ representatives in Hà Nội on Monday.
He urged the sectors to develop supporting industries and make reforms to improve corporate governance.
They need to promote digital transformation in the management and operation of textile enterprises, helping them make effective use of free trade agreements, including the freshly signed Regional Comprehensive Economic Partnership (RCEP) agreement.
The PM also noted the need for green growth in the development of the textile and garment industry, application of a circular economy, and continued automation to raise labour value.
The enterprises also need to pay more attention to the domestic market, especially uniforms for workers, pupils and students, he said.
At the working session, Phúc said that the textile-garment and footwear industries employ a huge number of workers, up to 4.3 million. Their exports account for a large proportion of total national export turnover. In 2019, these two industries exported products worth US$62 billion, equivalent to 24 per cent of the country's total.
According to associations and businesses, this year, the sectors’ export value is estimated to decrease but the reduction is not high because Việt Nam has control of COVID-19, creating confidence for importers to have more orders for enterprises in Việt Nam.
In addition, free trade agreements between Việt Nam and foreign partners bring advantages of tax cuts to zero for the sectors to boost their development.
According to the Việt Nam National Textile and Garment Group, Việt Nam's textile and garment industry is forecast to earn about $33.5-34 billion from exports this year.
In first nine months of this year, the national textile and garment export value reached $25.6 billion, down by 12 per cent year-on-year. — VNS
