Monday, 20/05/2024
Bắc giang 26 °C / 24 - 33 °C
Hotline: +84.0204.3 856 624

Business
Business
icon
0.5 1.0 1.5
Shares:
icon-zalo

Vietnamese textile-garment sector logs record number of export markets

Updated: 08:55, 18/12/2023
Vietnam's textile and garment products have been exported to 104 countries and territories this year – a record number, said Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang.

According to the association, the US remained the biggest importer of Vietnamese textile and garment products with a turnover of over 11 billion USD by the end of September. It was followed by Japan with about 3 billion USD, the EU with 2.9 billion USD, the Republic of Korea with 2.43 billion USD, Canada with some 850 million USD, and China with 830 million USD.

{keywords}

Garment-textile businesses have undergone significant changes but they have made efforts to diversify their export products with 36 items this year.

Businesses have undergone significant changes but they have made efforts to diversify their export products with 36 items. During the period, jackets remained the top export earner by reeling in more than 4.38 billion USD, followed by trousers with over 3.85 billion USD, and shirts with 1.87 billion USD.

Diversifying markets, products, customers and partners is a step towards reducing Vietnam's reliance on large markets, Giang said. Markets that previously did not import products from Vietnam now do so, affirming the nation's position in the global marketplace.

According to VITAS, 2023 has posed significant challenges, such as the lingering global impact of the Covid-19 pandemic and a large inventory due to decreased demand. The total export value of the industry last year surpassed 44 billion USD, but with these difficulties, it is expected to decrease by more than 9% this year to over 40 billion USD.

Despite the export decline, such turnover, given the challenges this year, is considered a breakthrough and demonstrates the tremendous efforts of the business community.

The Vietnamese garment and textile sector has made breakthroughs in both terms of export markets and products, Giang noted.

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.
Vietnam, RoK strengthen textile cooperation
The Vietnam Textile and Apparel Association (VITAS) and the Korea Federation of Textile Industries (KOFOTI) have signed a memorandum of understanding (MoU) to strengthen bilateral cooperation, KOFOTI announced on August 24.
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.

Source: VNA

Shares:
icon-zalo
vietnamese-textile-garment-sector-logs-record-number-of-export-markets.bbg

Reader's comments (0)

Your comment...