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Wednesday, June 26, 2024

Vietnam’s textile exports forecast to decline this year

By Truc Dao

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HCMC – Vietnam’s textile and garment industry is anticipated to achieve export revenue of US$40 billion in 2023, down by 9% against the previous year, according to the Vietnam Textile and Apparel Association (VITAS).

During a conference held on November 23, VITAS attributed the export decline to persistent challenges faced by textile and garment enterprises, including a reduction in orders and weakening consumer demand.

Despite the challenging environment, the industry achieved a notable milestone in market expansion and product diversification.

Vu Duc Giang, chairman of VITAS, said that Vietnamese textile and garment products found their way to 104 countries and territories worldwide in the current year. “Never has Vietnam exported textile and garment products to as many markets as this year,” he emphasized.

The U.S. emerged as the largest importer of Vietnam’s textile and garment products, with imports exceeding US$11 billion in the January-September period. Japan followed closely with US$3 billion in imports.

South Korea and the European Union also contributed significantly, with textile and garment shipments to South Korea amounting to US$2.43 billion and revenue from EU exports reaching nearly US$2.9 billion.

Moreover, Vietnam successfully exported 36 different product types to various markets in the first three quarters of the year. Jackets remained the primary exported item, generating over US$4.8 billion in export revenue.

With expectations of further growth in the export of textile and garment products in 2024, representatives of the association proposed several solutions to boost export activities, including diversifying markets and product offerings.

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