In order to assist small and medium-sized businesses (SMEs) in the textile and apparel sector in their shift to a circular economy, Asia-Pacific Economic Cooperation (APEC) organised a two-day workshop in Hanoi.
Government officials, UN representatives, international associations, researchers, and textile companies from ASEAN nations, China, and Peru were all present at the workshop, which was organised jointly by the APEC Secretariat and Vietnam’s Ministry of Industry and Trade.
The APEC workshop, according to Pham Quynh Mai, Deputy Director of the ministry’s Multilateral Trade Policy Department, was a useful project inside the APEC framework that sought to offer solutions to assist MSMEs in implementing circular business models.
As the textile sector is under increasing pressure to satisfy criteria for sustainability, carbon reduction, and supply chain transparency, she underlined the urgent need to shift to a circular economy.
According to Mai, MSMEs are essential to the industry despite their small, especially in emerging nations because they control employment and exports.
In order to promote sustainable growth and change, the workshop exchanged experiences on how MSMEs in the textile and apparel industry have overcome obstacles in implementing circular business models.
The necessity of coordinated efforts from Governments, international bodies, the private sector, and companies themselves was also emphasised by the delegates. Circular economy models present chances to cut waste and increase value through technology innovation, emphasised Carlos Obando of the APEC Secretariat.
The Vietnam Textile and Apparel Association’s (VITAS) vice president and general secretary, Truong Van Cam, listed the industry’s advantages from new-generation free trade agreements, skilled workers, and stable macroeconomic conditions. He did, however, identify escalating difficulties, such as the need to fulfil global climate pledges and transition from rapid fashion to sustainable fashion.
Waterless dyeing technology, electric boilers in place of fossil fuel boilers, rooftop solar systems, trash and fabric recycling, and worker reskilling are some of the circular economy solutions that VITAS suggested to address these issues.
A textile and footwear development strategy has been authorised by the Vietnamese Government for the years 2021–2025. The strategy aims to increase exports by 7.5–8 per cent annually between 2021 and 2025, with a turnover of US $ 50–US $ 52 billion by 2025 and US $ 68–US $ 70 billion by 2030. By 2030, localisation rates are predicted to rise to as high as 60 per cent.
Source: https://apparelresources.com/