Recently, it is said that Vietnam has many opportunities and advantages to become the world’s new processing and manufacturing center. To be ready for the future, not only foreign investors but local enterprises in Vietnam have been prepared for necessary steps.

Le Tien Truong0002

Le Tien Truong, General Director of Vietnam National Textile & Garment Group

Although the opportunity for Vietnam to become a new center for the processing and manufacturing of the world after 2015 was very large, but many experts say, the challenge is not small, such as: quality, professional level subjects of labor, rate of innovation, technology transfer of the business in Vietnam is still low, uneven and not oriented markedly,  even some mechanisms and policies of our country has not yet followed up and supported enterprises in the right way.

Le Tien Truong, General Director of Vietnam National Textile & Garment Group, said, with advantages of its size, the level of human resources of Vinatex has been constantly being improved, and the labor costs is still low in comparison with many countries in the region and Vietnam has favorable geographical position in terms of traffic and the signing of a series of Free Trade Agreements (FTA), the country ‘s garment sector facing many chances to become “promised land” in the trend of movement of the textile world.

Vietnam’s textile and garment is limited such as not able to produce raw materials, production and business efficiency and competitiveness is not high … it needs a clear, formal strategy to bring this light industry to promote proper their  strengths and potentiality. Vietnam also has focused on developing production of raw materials, decreasing the import of raw materials. Many companies also undertake to adopt the advanced management system to increase productivity, reduce costs and increase collaboration, forming supply chain for investments and diversify textile market.

However , to help Vietnam textile and garment get further step, the State should have the solution for planning development of textile industry, have policies to support training, attracting advanced technology transfer. The State also needs to further reform of administrative procedures and research on more reasonable policy of minimum wage increase.

To accomplish the goal of bringing Vietnam into “the new factory” of the world, the role of the State Bank and commercial banks is very important in adjusting policies on exchange rates, interest rates.