Workers seen in a Vinatex factory. Photo by VnExpress/An Phuong
Vietnam Textile and Clothing Association (VITAS) sets target to earn $44 billion from textile and clothing exports in 2024, as positive changes seen from last quarter of this year.
Speaking at a recent press conference, VITAS Chairman Vu Duc Giang said that this year, export earnings are estimated at more than $40 billion, about 9.2 percent less than those of last year.
“Against the gloomy backdrop due to the global impact of the Covid-19 pandemic and large inventories due to falling demand, this achievement is considered a breakthrough demonstrating the great efforts of the business community,” said Giang, adding that in 2023, Vietnamese textile and clothing products entered 104 countries and territories – a record number.
According to VITAS, the United States remains the largest importer of Vietnamese textile and clothing products, with a turnover of more than $11 billion as of the end of September. This is followed by Japan with around $3 billion, the Republic of Korea with $2.43 billion and the EU with $2.9 billion.
Among key markets, Vietnamese exports to the EU fell short of expectations, with revenue down 13% over nine months.
Vietnamese producers have made efforts to diversify their products for export with 36 types of products.
Diversifying markets, products, customers and partners is a way for Vietnam’s textile and clothing industry to reduce its dependence on large markets, Giang said, adding that it is also an important step for Vietnam to reach next year’s target.
According to VITAS, the clothing industry will continue to implement sustainable development measures with green production and reduction of greenhouse gas emissions.
Vietnam will need to focus on developing the fashion industry, creating national brands and making them known globally, he said.
