Want to be in the loop?
subscribe to
our notification
Business News
TEXTILE-GARMENT SECTOR URGED TO EMBRACE DIGITAL TRANSFORMATION
Garment and textile companies need to develop a strategy for digital transformation to ensure their survival and future development, a seminar heard in HCM City yesterday.
Brad Park of Global Dyeing Company said consumers were demanding more and changing quickly.
Production needs to follow consumers’ demand so that production and delivery times are reduced, according to Park.
Besides, consumers also pay closer attention to companies’ corporate social responsibility and environmental protection.
Companies must work to satisfy customers’ demand, reduce the cost, waste and lead time, and improve quality and design, he said.
“Digital transformation would help enterprises respond rapidly to the market,” he said.
"Firms need to identify which processes they need to transform and map out an optimal digital transformation process with the support of technology solution providers.
"But besides improvement in technology, firms also need to improve human resources and pay more attention to environmental protection," he said.
Sam Lee of Inteco, a company that offers consultancy for factory automation, said businesses in many countries were adopting smart manufacturing to replace human workers in a variety of operations.
According to Lee, garment and textile is one of the key industries in Việt Nam with increasing exports in recent years, but manufacturing and exports mainly based on the CMT (cut-make-trim) model, while more advanced business models like Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM) remain modest.
Manufacturing based on the CMT model requires a large number of workers, resulting in high production costs, and automation will help reduce them.
Lee spoke about the success achieved by South Korea’s Hansae Co Ltd., an OEM manufacturer and exporter of apparel, saying automation had helped the company increase its revenues strongly between 2016 and 2019.
Park said Việt Nam’s textile industry had great potential for development.
With its experience in global operations, his company wants to join hands with the Việt Nam Textile and Apparel Association to “lead innovation for smart, green manufacturing in Việt Nam.”
“Transform digitally or die. We must join hands to develop together.”
The seminar also discussed the online exhibition trend and B2B biz-matching.
Jun Chol, director of the Coex Vietnam representative office, said COVID-19 had greatly impacted the business-to-business exhibition industry across the world.
Virtual exhibitions offered new opportunities for manufacturers, eliminating geographical barriers so that companies could reach a much larger audience, he said.
But physical exhibitions could not be replaced by online ones, and would resume after the pandemic, he said. There would be a rising trend of online-offline models, he said.
Themed Digital transformation in the textile and garment sector to overcome the COVID-19 pandemic, the two-day seminar was organised by VITAS and the Korea Institute of Industrial Technology.
Today the seminar will discuss virtual fashion and 3D design.
The event seeks to share new global technological trends and enhance co-operation between the Korean and Vietnamese garment and textile industries.
Source: VNS
Related News
VIETNAM’S GDP TO GROW 5.5% THIS YEAR – WB
This forecast is based on the assumption of a moderate recovery in manufacturing exports in 2024, fueled by rebound growth of 8.5% year-on-year in the fourth quarter of 2023 and 17.2% year-on-year in the first quarter of 2024, reflecting strengthening global demand, said Dorsati Madani, senior country economist at the WB in Vietnam.
FARE REFUND FOR VISA REJECTION
Cathay Pacific will offer full refunds for cases of visa rejection to provide you with the confidence to explore the world with ease. If you are planning to fly to a destination that requires an entry visa, you can now book with greater peace of mind.
FOUR COMMODITIES POST Q1 EXPORT VALUE OF OVER 5 BILLION USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
MOIT PROPOSES SCHEME TO BOOST RENEWABLE ENERGY PROCUREMENT
The proposed Direct Power Purchase Agreement (DDPA) mechanism, outlined in the draft decree, targets organisations and individuals consuming electricity from the 22kV power grid or higher, with a monthly consumption averaging 500,000kWh. However, residential households are excluded from direct procurement.
REAL ESTATE BONDS PLACE PRESSURE ON ISSUING FIRMS
The ministry’s recent report underscores concerns within Vietnam’s corporate bond market for 2023 and 2024. It emphasizes the critical need to address hindrances to the real estate sector in line with the objectives provided in Government Resolution No. 33/NQ-CP, which aims to stabilize the industry.
DA NANG CUSTOMS FOCUSES ON DEVELOPING CUSTOMS-BUSINESS PARTNERSHIPS
Da Nang Customs Department issued an action plan for developing customs-business partnership in 2024. One of the new events this year is the workshop on “Settlement reports for enterprises engaged in outsourcing, export production and export processing” held in Da Nang Customs Department on April 16, 2024.