TEXTILE, GARMENT INDUSTRY TARGETS US$44 BILLION EXPORT TURNOVER NEXT YEAR

Export turnover of the textile and garment sector is expected to reach US$44 billion in 2024, up 9.2 percent against 2023, according to the Viet Nam Textile and Apparel Association (VITAS).

This year, the sector's export value is projected to fall by 9.2 percent year on year to US$40.3 billion due to decrease in orders and price as well as fiercer competition, said VITAS President Vu Duc Giang.

Despite the difficulties, the sector has made a breakthrough in diversifying export markets.

"Viet Nam has never exported textiles and garments to so many markets as it does in 2023: 104 countries and territories,” said Vu.

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.

Greater attention has been 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: VCCI