Despite facing challenges like geopolitical tensions, fluctuating oil prices, volatile freight rates, slow economic recovery, declining global investment, natural disasters, climate change and energy security concerns, the industry has demonstrated robust growth, Giang told a recent press conference.
The country’s textile and garment exports are expected to reach $44 billion this year, marking an 11.26-per cent increase year on year (YoY). The sector’s imports are projected to be worth $25 billion this year—up by 14.79 per cent YoY. This may lead to a trade surplus of $19 billion, a YoY growth rate of 6.93 per cent.
Vietnam’s textile and garment industry aims at achieving $47-48 billion in export turnover next year, according to Vu Duc Giang, chairman of the Vietnam Textile and Apparel Association (VITAS).
Textile and garment exports are expected to reach $44 billion this year, marking an 11.26-per cent increase YoY.
Sixty new members joined VITAS this year, bringing its membership to nearly 1,000.
The United States remains Vietnam’s largest export market with an expected 2024 turnover of $16.71 billion—up by 12.33 per cent YoY and accounting for 37.98 per cent of the total export turnover.
It is followed by Japan ($4.57 billion expected export turnover this year), the European Union ($4.3 billion), South Korea ($3.93 billion) and China ($3.65 billion).
Sixty new members joined VITAS this year, bringing its membership to nearly 1,000, a domestic news agency reported.
The 25th founding anniversary of VITAS will take place in the Quang Nam province from December 13 to 14, Giang added.
Fibre2Fashion News Desk (DS)
