VIETNAM CONTINUES TO SHINE IN GLOBAL APPAREL TRADE
By leveraging last year's robust recovery, Vietnam's garment and textiles sector is poised for significant growth in 2025, driven by shifting global demand, green production practices, and technological advancements.
LEATHER, FOOTWEAR INDUSTRY AIMS TO GAIN EXPORT GROWTH OF 10% IN 2025
The leather and footwear industry has set a target of achieving export value of US$29 billion this year, an increase of ten per cent year-on-year, according to the Việt Nam Leather, Footwear and Handbag Association (Lefaso).
TEXTILE EXPORT TURNOVER HITS 44 BILLION USD IN 2024
According to the Vietnam Textile and Apparel Association, Vietnam's textile and garment industry has fulfilled its 44-billion-USD export turnover target in 2024. The US remains the largest export market with an estimated export turnover of 16.71 billion USD, up 12.33% and accounting for 37.98% of the total turnover, followed by Japan, EU, the Republic of Korea, China, and ASEAN.
REDUCING IMPORTED RAW MATERIAL DEPENDENCE IN LEATHER & FOOTWEAR INDUSTRY
A major challenge for Vietnam's leather and footwear industry is its heavy reliance on imported raw materials like leather, synthetic materials, fabrics and accessories, despite ongoing efforts to boost local sourcing.
FOOTWEAR EXPORTS SEEN REACHING US$27 BILLION THIS YEAR
This optimistic forecast reflects the industry’s efforts to expand and diversify its markets. Lefaso indicated that Vietnam’s footwear sector will concentrate on traditional markets like the U.S. and the European Union, alongside markets with free trade agreements to maximize opportunities.
VIETNAM’S TEXTILE SECTOR BRINGS IN $37 BILLION IN FDI
The foreign-invested enterprises play an important role in the textile and garment sector, contributing 65 per cent to the sector’s total export turnover. Major investors mainly come from South Korea, Taiwan, Hong Kong, and China. Among them, South Korea is the largest foreign investor in Vietnam’s textile and garment sector.
MANUFACTURING SEES MODEST UPTICK IN JANUARY
The resurgence was primarily driven by expansions in new orders and production, propelled by a modest rise in total new business. Both domestic and export markets exhibited signs of recovery, prompting firms to increase production volumes, with intermediate goods producers experiencing the most significant upturn.
TEXTILE EXPORTS IN 2023 FACE MOST DIFFICULT YEAR IN THREE DECADES
This year is predicted to be difficult for textile and garment businesses following a challenging 2023. Expanding customer bases and diversifying products are the necessary solutions to maintain production and grow businesses, experts say.