In what is being viewed as a move to promote Vietnam’s textile and apparel industry, International Finance Corporation (IFC), a member of the World Bank Group, is partnering with VF Corporation, a global leader in apparel and footwear, and Target Corporation, a consumer products retailer, to better resource efficiency at their supplier factories in Vietnam.
This programme will be implemented in a phased manner. Under its first phase, energy and water efficiency assessments will be carried out in around 30 factories over a period of 12 months, helping them reduce operating costs and improve productivity while contributing to the country’s green growth and climate change targets.
Kyle Kelhofer, IFC Country Manager for Vietnam, Cambodia and Lao PDR, said, “With Vietnam’s increasing participation in trade agreements, including the Trans-Pacific Partnership and the EU Free Trade Agreement, the local textile sector is poised for faster growth, creating increased demand for sustainable energy and water use practices.” Furthermore he added, “Vietnam’s textile enterprises stand to benefit from this IFC programme by further access to global markets while implementing resource efficiency best practices.”
The Vietnam’s textile, apparel and footwear sector is a significant contributor to Vietnam’s economy. In 2015, the sector’s exports reached $39.2 billion and generated approximately three million jobs. While this sector is energy and water intensive, there are opportunities for reducing resource consumption by 20% or higher by using latest technology and good operating practices.
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Keywords: IFC, improve, sustainability, Vietnam, textile, apparel, manufacturing
