textile and garment industry

Textile and garment industry targets US$44 billion export turnover in 2024

VGP – According to the Vietnam Textile and Apparel Association (VITAS), the export turnover of the textile and garment industry in 2023 reached more than US$40.3 billion, a fall by 9.2 percent year on year due to decrease in orders and price as well as fiercer competition.

“Despite the decline in exports, the export turnover is still considered a breakthrough demonstrating great efforts of the business community,” VITAS President Vu Duc Giang said, adding that in 2023, Vietnamese textile and garment products entered 104 countries and territories – a record number of markets.

Vietnam has never exported textiles and garments to so many markets as it did in 2023.

The U.S. remains the top importer of Vietnamese garments with more than US$11 billion, followed by Japan (US$3 billion), the EU (nearly US$2.9 billion), and South Korea (US$2.43 billion).

Besides diversifying export markets and products, the Vietnamese textile and garment sector continues to pursue sustainable development goals by reducing greenhouse gas emissions, prioritizing investment in electric steam boilers and digital management.

At the same time, the sector increased investments in automation to meet the demand for quick delivery and high-quality products.

The export value is expected to reach US$44 billion in 2024, up 9.2 percent against 2023, reported by President of VITAS.

According to Euratex, 2024 will be a turning point for the European textiles and clothing industry. For Vietnam’s textile and garment sector, greater attention should be paid to the fashion industry, building and developing fashion brands in the domestic and global markets. Human resources are provided with training to be capable of applying the 3D technology in designing fashion products.

To take advantage of free trade agreements that Viet Nam has signed, VITAS and domestic textile and garment companies continue to develop the fashion industry and build linkages among manufacturers to become self-sufficient in terms of material supply, and apply technology in production and management./.

Source: https://en.baochinhphu.vn/textile-garment-industry-targets-us44-billion-export-turnover-next-year-111231218162509484.htm

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