2024 textile, garment exports target US$44 billion

In the first 10 months of 2023, the Vietnamese textile and garment sector exported about US$33 billion worth of products, and its annual export value is expected to reach US$40.3 billion, down 9.2 percent compared with 2022.

Despite difficulties, the sector has made a breakthrough in diversifying export markets. “Vietnam has never exported textiles and garments to so many markets as it does in 2023: 104 countries and territories,” Vu Duc Giang said. The US remains the top export market of Vietnamese garments. In the first nine months, exports to this market exceeded US$11 billion, followed by Japan at US$3 billion, the EU at nearly US$2.9 billion, and the Republic of Korea at US$2.43 billion.

Other major export markets of Vietnamese textiles and garments include Canada, China, the UK, Australia, Russia, Indonesia, Thailand, Hong Kong (China), and India. Notably, exports to the EU in the first nine months decreased by 13 percent year-on-year.

Vietnam’s 2023 textile and garment exports are expected to reach US$40.3 billion

Domestic textile and garment companies have also diversified export products. VITAS statistics show that in the first nine months of 2023, the Vietnamese textile and garment sector exported 36 types of products. Of those, jacket was a key export product with the value reaching US$4.385 billion, clothing of different types US$3.853 billion, T-shirt US$3.85 billion, shirt US$1.879 billion, children’s clothes US$1.7 billion, and fabrics US$1.7 billion. Notably, the export of suits has recovered considerably.

“Efforts to diversify export markets and products have helped the domestic textile and garment sector overcome difficulties towards the goal of reducing its dependence on major export markets,” according to the president of VITAS.

In the fourth quarter of 2023, domestic textile and garment companies have seen positive changes in orders, which is a good signal for the coming year. The sector expects its annual export value to reach US$44 billion in 2024.

Along with diversifying export markets and products, the Vietnamese textile and garment sector continues to pursue sustainable development goals by reducing greenhouse gas emissions, prioritizing investment in electric steam boilers and digital management.

At the same time, the sector invests in automation to meet the demand for quick delivery and high-quality products. Greater attention is paid to the fashion industry, building and developing fashion brands in the domestic and global markets. Human resources are provided with training to be capable of applying the 3D technology in designing fashion products.

To take advantage of free trade agreements that Vietnam has signed, VITAS and domestic textile and garment companies continue to develop the fashion industry and build linkages among manufacturers to become self-sufficient in terms of material supply, and apply technology in production and management.

Vu Duc Giang said that a lack of skilled designers is hindering the Vietnamese fashion industry. An association of Vietnamese fashion designers should be established. A strategy to develop the design stage of the fashion industry is also needed along with the opening of fashion show and human resource training centers.