Textile, footwear exporters have full orders for 2024
Workers at Maxport Garment Company in the northern province of Nam Định produce garment for exports. — VNA/VNS Photo |
Bạch Hồng Long, deputy general director of the No. 10 Garment Corporation, said his corporation is urgently completing orders for 2024. The corporation also has full orders until the end of February 2025.
Currently, the corporation is negotiating new orders through the first quarter of 2025, and about 70 per cent of orders for the first quarter of 2025 have been finalised. Due in part to this positive outlook, the corporation's revenue in 2024 is expected to increase by 10-20 per cent compared to last year.
Long also forecast that textile orders in Việt Nam will increase sharply in 2025. However, he noted, the increase is not due to rising demand in global markets, but due to a shift from one country to another.
Similarly, Dony Garment Company Limited said that Dony’s orders are fully booked until the end of 2024 and it is negotiating new orders through March 2025.
Phạm Văn Việt, general director of the Việt Thắng Jean Company, said his company received orders transferred from other countries, especially from Bangladesh, with cheap prices. However, high-quality orders exported to European markets did not increase because the market has not recovered well.
Explaining the increase in orders, Trương Văn Cẩm, deputy chairman of the Vietnam Textile and Apparel Association, said the increase in orders was mainly due to a shift from other countries to Việt Nam, not due to increasing market demand.
According to Cẩm, textiles and garments are among the key industrial production sectors that have many advantages in export activities. He explained after the US Federal Reserve (Fed) lowered interest rates by 0.5 percentge points in early September and inflation in the US and EU decreased, consumption was stimulated in the two major markets for Việt Nam's textile and garment exports. He said he expects orders to further improve in the near future.
Natural disasters, political instability and policy inadequacies in some garment exporting countries continue to result in opportunities for Vietnamese textile and garment enterprises to gain orders that have shifted from those countries.
Seasonal factors, including festivals, and companies' discount and consumer stimulus policies will also bring a more bustling year-end shopping season.
In addition, Cẩm said, freight prices continue to decrease, helping garment exporters save costs.
According to Cẩm, though the number of orders will rise when US consumer demand increases during the holiday shopping season, the export price will not go up. He forecast that demand and price will only really improve starting in 2025.
According to the Vietnam Textile and Apparel Association (VITAS), the total export turnover of the Vietnamese textile and garment industry in the first nine months of 2024 exceeded US$32.5 billion, up 9.2 per cent over the same period last year. The industry’s export target of $44 billion in 2024 is very feasible because the end of the year is a peak time for orders and production during Christmas and Lunar New Year.
The same trend is also seen in the footwear industry. Exports for the industry in the past nine months are estimated at $20 billion. If the current recovery rate of 10 per cent is maintained, the footwear industry's exports are expected to reach about $27 billion in 2024.
Phan Thị Thanh Xuân, deputy chairman and general secretary of the Vietnam Leather, Footwear and Handbag Association, said that orders are currently recovering. Many footwear enterprises have orders through the end of 2024, and some enterprises have orders until the first quarter of 2025.
Xuân said that the double-digit growth achieved is quite positive and the footwear industry is likely to reach its target of $27 billion in 2024.
See also
Tra fish sector aiming for production, processing greening for sustainable development
15:38 | 20/11/2024 Industry
Solutions discussed to ensure coal supply for electricity generation in 2025
16:24 | 19/11/2024 Energy
Garment industry targets 47-48 billion USD in export turnover next year
16:16 | 19/11/2024 Industry
Residents support restarting Ninh Thuận Nuclear Project, call for clear roadmap
14:46 | 18/11/2024 Energy
Vietnam to become new market for global tech giants in semiconductor industry
09:13 | 18/11/2024 Industry
Nuclear power development projects to restart: MoIT
16:42 | 17/11/2024 Energy
See more news
Vietnam sees opportunities to attract investments in electronics support industries
12:37 | 17/11/2024 Support industries
Project launched to advance energy transition in Việt Nam
10:15 | 16/11/2024 Energy
Vietnam eyes building self-reliant, sustainable semiconductor ecosystem
15:18 | 15/11/2024 Industry
Electricity demand in 2025 to be basically met: ministry
08:49 | 15/11/2024 Energy
Foreign investors expand chip packaging footprint in Viet Nam
16:17 | 14/11/2024 Industry
Construction material industry's revenue to reach 47 billion USD
11:40 | 13/11/2024 Industry
Footwear industry eyes UKVFTA to bolster exports
10:00 | 11/11/2024 Industry
North-South express railway – driving force to spawn new support industries
17:09 | 08/11/2024 Support industries
Automotive support industry strives to become spare part supplier
09:34 | 08/11/2024 Support industries
Việt Nam’s auto industry strives to reach global recognition
08:58 | 08/11/2024 Industry
VAT tax reduction should continue until mid-2025: Ministry
17:15 | 21/11/2024 Policy
Top legislator starts official visit to Cambodia
17:09 | 21/11/2024 News and Events
Việt Nam and Malaysia upgrade relationship to Comprehensive Strategic Partnership level
17:01 | 21/11/2024 Cooperation
Hà Nội prepares for temperature drop as cold front approaches
16:56 | 21/11/2024 Environment
First Vietnam Dialogue opens new avenues for Vietnam-Germany financial cooperation
16:18 | 21/11/2024 Cooperation
Multimedia
Vietnam - Malaysia Strategic Partnership
10:54 | 21/11/2024 Infographic
Vietnam, Dominican Republic strengthening cooperation
08:45 | 20/11/2024 Infographic
Vietnam - Brazil strategic partnership
10:26 | 19/11/2024 Infographic
Nhon - Hanoi Station elevated urban railway comes into operation
09:04 | 18/11/2024 Infographic
Key facts on G20 and Vietnam's participation
09:42 | 17/11/2024 Infographic
VAT tax reduction should continue until mid-2025: Ministry
17:15 | 21/11/2024 Policy
NA deputies scrutinise investment policy for North-South high-speed railway project
08:54 | 21/11/2024 Policy
Developing relations with China is Vietnam’s top priority: Deputy PM
08:40 | 20/11/2024 Policy
Vietnam pledges to make more contributions to APEC cooperation
09:46 | 17/11/2024 Policy
Tra fish sector aiming for production, processing greening for sustainable development
15:38 | 20/11/2024 Industry
Solutions discussed to ensure coal supply for electricity generation in 2025
16:24 | 19/11/2024 Energy
Garment industry targets 47-48 billion USD in export turnover next year
16:16 | 19/11/2024 Industry
Residents support restarting Ninh Thuận Nuclear Project, call for clear roadmap
14:46 | 18/11/2024 Energy
Workshop seeks ways to attract Japan’s green investment to Vietnam
09:43 | 20/11/2024 Investment
Government approves investment policy to build Cam Lien Industrial Park in Quang Binh
16:57 | 18/11/2024 Investment
Disbursement of public investment must be accelerated: Deputy PM
12:17 | 17/11/2024 Investment
LG plans to pour further US$1 billion investment into Vietnam
10:42 | 16/11/2024 Investment
HDBank wins three awards at Vietnam Listed Company Awards 2024
10:53 | 21/11/2024 Finance-Banking
VIB, Flywire partner to streamline cross-border payments for students from Vietnam
16:46 | 18/11/2024 Finance-Banking
Vietcombank issues 2 trillion VND worth of green bonds for first time
18:55 | 16/11/2024 Finance-Banking
UK stands ready to help Vietnam build international financial hub
17:13 | 13/11/2024 Finance-Banking
Hà Nội prepares for temperature drop as cold front approaches
16:56 | 21/11/2024 Environment
Hundreds of damaged irrigation reservoirs need repairing
09:02 | 20/11/2024 Environment
Greening e-commerce crucial for sustainable development
10:47 | 18/11/2024 Environment
National Environmental Protection Plan ensures high quality living environment
08:59 | 18/11/2024 Environment
People, community at heart of digital transformation: Deputy PM
09:26 | 21/11/2024 Science - Technology
AI is core technology of 4th Industrial Revolution: Minister
11:19 | 20/11/2024 Science - Technology
Global scientific luminaries to gather at VinFuture sci-tech week
11:08 | 19/11/2024 Science - Technology
Hà Nội to host 2024 e-commerce and digital economy forum on November 21
17:23 | 17/11/2024 Science - Technology
Việt Nam-UK Institute plans for an international university
09:14 | 21/11/2024 Society
Hanoi aims to become a smart city by 2030
09:13 | 21/11/2024 Metropolis
Huế Central Hospital boosts international cooperation to become global health hub
16:30 | 20/11/2024 Society
Hà Nội hospital partners with UK charity to provide surgeries for children with facial deformities
16:03 | 20/11/2024 Society
VN takes part in food and beverage fair in Chicago
09:45 | 20/11/2024 Vietnamese Brands
Hòa Bình honey awaits reactions from UK
10:41 | 19/11/2024 Vietnamese Brands
Post-Typhoon Yagi trade networking event starts in Hải Dương
10:04 | 19/11/2024 Vietnamese Brands
Hòa Bình exports honey and pearl onions to UK
10:17 | 16/11/2024 Vietnamese Brands
Bac Ninh Province: Dong Ho folk painting needs urgent safeguarding
15:04 | 20/11/2024 Culture
Vietnamese designers tell stories of culture at Fashion Week
10:14 | 20/11/2024 Culture
Creative City promotes socio-economic development, says expert
09:59 | 20/11/2024 Lifestyle
Five Vietnamese creations listed among the world’s 100 best-rated dishes with coconut
10:54 | 19/11/2024 Culture
Blooming buckwheat flowers on Ha Giang roads
14:54 | 21/11/2024 Tourism
Folk cultural festival on Côn Đảo Island attracts tourists
10:07 | 20/11/2024 Tourism
Tra Que named among world’s best tourism villages in 2024
11:20 | 18/11/2024 Tourism
Quảng Ninh to attract more foreign tourists by year-end
16:52 | 14/11/2024 Tourism