Vietnam targets $44 billion in textile, apparel exports in 2024

Since things have been going well since the third quarter of this year, the Vietnam Textile and Apparel Association (VITAS) wants to make 44 billion USD from textile and clothing exports in 2024.

At a recent press conference, VITAS Chairman Vu Duc Giang said that the country's exports will bring in more than $40 billion this year, which is 9.2% less than last year.

"In spite of the gloomy situation caused by the COVID-19 pandemic and the high stock levels caused by falling demand, the success is seen as a breakthrough that shows how hard the business community has worked," Giang said, adding that in 2023, Vietnamese textile and clothing products went into a record 104 countries and territories.

According to VITAS, the US continued to buy the most textiles and clothing from Vietnam, with over $11 billion worth of purchases by the end of September. Japan came next with about $3 billion, then the Republic of Korea with $2.43 billion, and finally the EU with $2.9 billion.

When it comes to important markets, Vietnam's exports to the EU did not meet expectations; in the last nine months, revenue dropped 13%.

Vietnamese producers have been making efforts to diversify products for export with 36 types of products.

Vietnam's textile and clothing industry can become less dependent on big markets by expanding its range of markets, products, customers, and business partners, Giang said. This is also a key step for Vietnam to reach its goal for next year.

According to VITAS, the clothing industry will keep taking steps for sustainable development, such as using green production methods and lowering greenhouse gas emissions.

Developing the fashion industry, making Vietnamese brands famous around the world, will be what Vietnam needs to do, he said.

Source: Vietnamplus