According to the Vietnam Textile & Apparel Association (VITAS), garment and textile exports last year reached 39.5 billion USD, down 10% year-on-year.

VITAS Chairman Vu Duc Giang said that in 2023, Vietnam's textile and garment products were exported to 104 countries and territories – a record number.

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Businesses underwent significant changes but they made efforts to diversify their exports with 36 items.

The main markets of Vietnamese garment and textile exports were the US, Japan, the European Union (EU), the Republic of Korea, China, and Southeast Asia, together with some new markets such as Africa and Russia.

VITAS Vice Chairman Truong Van Cam said that 2024 will still see many challenges for the industry, pointing to the extended producer responsibility (EPR) and the EU's carbon border adjustment mechanism (CBAM), as well as the strategy of “sustainable fashion” instead of “fast fashion”.

To achieve its set goal, the industry is implementing various solutions, with a focus on diversifying customers, markets, and products; speeding up digital transformation; and greening production, said Cam.

Worst is over for garment, footwear exports, growth next year

Garment and footwear exports have slumped from the beginning of this year but the drops slowed in recent months, signaling a slight recovery in the industries, experts said.

Textile and garment enterprises adapt to market fluctuations

The total export turnover of the textile and garment industry exceeded 26 billion USD in the first eight months of this year, down 16.4% over the same period in 2022 and only reaching 65.5% of the year’s plan. The textile and garment industry faces many difficulties due to declining consumer demand, increasing competition, and falling orders.

Restoring the growth of the textile and garment industry

The total export turnover of textiles and garments in the past 7 months amounted to 22.7 billion USD, down 14% compared to the same period in 2022. Although exports decline, the situation is improving as the downward momentum has narrowed to 14% compared to more than 20% in the first months of the year. To grow quickly, enterprises need to deploy solutions optimising production, actively apply technologies and switch to “green production” to increase market share in major markets.

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.

Source: VNA