Vietnam Textile and Apparel Association (VITAS) has set a target of earning $44 billion from textile and apparel exports in 2024 as positive changes have been seen from the last quarter of this year.
Speaking at a recent press conference, VITAS Chairman Vu Duc Giang said that this year, the export revenue is estimated to top $40 billion, about 9.2% less than that of last year.
Workers seen in a factory of Vinatex.
"Amid the gloomy landscape as a result of the global impact of the Covid-19 pandemic and large inventory due to falling demand, the achievement is considered a breakthrough demonstrating great efforts of the business community," Giang said, adding that in 2023, Vietnamese textile and garment products entered 104 countries and territories – a record number.
According to VITAS, the U.S. remained the biggest importer of Vietnamese textile and apparel products with a turnover of over $11 billion by the end of September. It was followed by Japan with about $3 billion, the Republic of Korea $2.43 billion, and the E.U. $2.9 billion.
Among key markets, Vietnam’s exports to the E.U. failed to meet expectations with nine-month revenue dropping 13%.
Vietnamese producers have been making efforts to diversify products for export with 36 types of products.
Diversifying markets, products, customers, and partners is a way for Vietnam's textile and garment industry to reduce its reliance on large markets, Giang said, adding it is also an important measure for Vietnam to realize next year’s target.
According to VITAS, the garment industry will continue implementing measures for sustainable development with green production and greenhouse gas emission reduction.
Vietnam will need to focus on developing the fashion industry, building domestic brands and then making them globally known, he said.