The Vietnam Textile and Apparel Association (VITAS) has announced an ambitious goal of reaching $44 billion in revenue from textile and apparel exports by 2024, citing positive growth momentum observed in the final quarter of this year.
Speaking at a recent press briefing, VITAS Chairman Vu Duc Giang highlighted that this year’s estimated export earnings are expected to exceed $40 billion, marking a 9.2% decrease compared to the previous year. Giang characterized this achievement as a breakthrough, considering the challenging global landscape due to the COVID-19 pandemic’s far-reaching impact and a surplus of inventory caused by reduced demand.
Giang emphasized the remarkable expansion of Vietnamese textile and garment products, reaching a record presence in 104 countries and territories in 2023.
The United States retained its position as the largest importer of Vietnamese textile and apparel goods, with a turnover surpassing $11 billion by September’s end. Following closely were Japan with approximately $3 billion, the Republic of Korea with $2.43 billion, and the EU with $2.9 billion in imports.
Despite these successes, exports to the EU fell short of expectations, experiencing a 13% decline in revenue over the first nine months of the year.
Vietnamese manufacturers have actively diversified their export offerings, expanding to encompass 36 different product categories. Giang underscored the importance of broadening markets, products, customers, and partners to reduce dependency on major markets, a strategic move in achieving next year’s ambitious target.
VITAS emphasized the garment industry’s commitment to sustainable growth, focusing on green production practices and reducing greenhouse gas emissions. Giang highlighted the nation’s focus on nurturing the fashion industry, cultivating domestic brands, and elevating their global recognition as key strategies for future growth.
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