VIETNAM’S TEXTILE SECTOR AIMS FOR US$44 BILLION EXPORTS

Vietnam’s textile and garment industry is ramping up production in the final months of 2024 to reach its export target of US$44 billion, according to the Ministry of Industry and Trade.

Textile production in September increased by a marginal 0.1% against the previous month but surged by 11.2% year-on-year.

Data from the General Department of Vietnam Customs indicated that export revenue in September reached US$2.98 billion, lower than in August but 16% higher than a year ago. In total, textile exports for the first nine months of 2024 amounted to US$27.34 billion, an 8.9% year-on-year increase.

Imports of textile raw materials also saw a significant rise, growing 14.71% year-on-year to US$20.38 billion, highlighting robust demand within the sector.

Vietnam’s apparel industry is expanding into new markets, including ASEAN, Russia, and Canada, while strengthening its presence in traditional markets. With strong orders and a recovery in key regions, the textile sector is projected to maintain its growth momentum through the end of 2024 and into 2025.

The ministry noted that favorable macroeconomic conditions, reduced inventory levels among fashion brands, and loose monetary policies are helping drive the sector’s growth. However, domestic firms still face challenges, including fluctuating demand and rising costs.

Source: The Saigon Times