Today: 24/02/2024 08:42:18 (GMT+7)
THE SPECIALIZED PAGE OF BAC GIANG NEWSPAPER ONLINE

Vietnam targets $44B in textile, apparel export turnover in 2024

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.

Vietnam, apparel export turnover, gloomy landscape, nine-month revenue, diversify products, important measure, sustainable development

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.

Factors contribute to Vietnam’s success in garment & textile industry
According to fibre2fashion.com, Vietnam has become the world’s leading textiles and garments exporter.
 
Garment-textile exports aim to reach 68-70 billion USD by 2030
Vietnam’s garment-textile sector strives to achieve a total export value of 68-70 billion USD, according to the development strategy for the apparel and footwear industry to 2030, with a vision to 2035.
 
Garment-textile industry applies digital transformation, circular production to overcome difficulties
(BGO) - In the context of sharply increasing industrial investment rates and workers' wages in Bac Giang province, some textile and garment investors have moved production to other countries. Therefore, the application of digital transformation and green and circular production in this field is very important, helping businesses save production costs, protect the environment, and overcome difficulties.
 
Vietnam’s garment sector deals with market instability
Despite generating revenue of over 44 billion USD in 2022, Vietnam’s garment sector is expected to face headwinds in the coming time as consumers in the world continue to tighten their budgets due to high inflation.
 
Textile-garment targets up to $48 billion in 2023 export turnover
Textile and garment exports may reach $47-48 billion in the positive scenario for 2023 and $45-46 billion in the lower-case scenario, said the Vietnam Textile and Apparel Association (VITAS).
 

Source: VnExpress

Vietnam, apparel export turnover, gloomy landscape, nine-month revenue, diversify products, important measure, sustainable development
 
New comment has just been added. Click here
Sort:NewBest News