Textile and garment exporters fully booked until year-end
- 1
- Enterprise
- 11:07 22/10/2024
DNHN - The chairman of VITAS is confident that this year's textile and garment export turnover will definitely reach the target of $44 billion, despite the challenging global economic backdrop.
Vietnam's textile and garment industry is showing optimistic signals in 2024, with many businesses already fully booked with export orders until the end of the year and actively negotiating for Q1/2025. According to Vũ Đức Giang, Chairman of the Vietnam Textile and Apparel Association (VITAS), this year's export turnover will certainly hit the $44 billion target, despite the many challenges in the global economy.
Notably, the recently approved government strategy for the development of the textile, garment, and footwear industry to 2030, with a vision to 2035, has opened up opportunities to attract foreign investment in key sectors such as yarn, weaving, and dyeing. This allows the textile and garment sector to effectively leverage the benefits of free trade agreements, promoting sustainable growth and competitiveness in the international market.
Statistics from the General Department of Customs show that in July 2024, textile and garment exports reached $3.72 billion, up 17.6% from the previous month. In the first seven months of the year, the sector's export turnover reached $20.27 billion, a 6.3% increase compared to the same period in 2023. The U.S. market continues to lead with $8.93 billion in export turnover, up 5.5%, followed by the EU, Japan, and South Korea, all recording positive growth rates.
Remarkably, by the end of August, the entire textile and garment industry had exported $28.6 billion, a 6% increase compared to the same period last year, demonstrating a strong recovery after a difficult period. Many businesses have secured export orders until the end of Q4 and are negotiating contracts for Q1/2025, laying a solid foundation for the coming year.
However, Cao Hữu Hiếu, General Director of Vietnam National Textile and Garment Group (Vinatex), emphasized that order prices in 2024 remain low due to reduced global purchasing power and intense price competition among countries in the region. To maintain production efficiency, businesses have been compelled to enhance internal management, optimize costs, and adopt automation technologies to improve productivity and product quality.
Despite facing challenges in pricing and operational costs, the sector's outlook remains very positive. According to forecasts, the industry's exports in 2024 are expected to grow by 8-10% compared to 2023.
Linh Anh
Related news
#Vietnamese textiles
Textile and garment enterprises are still uncertain about orders for Q4/2024
The Textile and Garment Association advises textile enterprises to focus on improving delivery quality and developing fashion industry solutions.
The importance of flexible credit policies for textile enterprises
The textile industry faces challenges such as importing raw materials, price fluctuations, and fierce competition. Therefore, flexible credit policies play a crucial role in ensuring the survival of textile enterprises.
Textile enterprises need to change production strategies
To participate in the supply chain, textile enterprises must change their production strategies through process improvements, innovation in machinery and equipment, technology updates and greening of production stages to enhance quality.
Tight material supply impedes textile exports
Although the demand for Vietnamese textiles is forecast to rise steadily in the short term, firms are concerned that tight material supply will impede their export plans.
Đọc thêm Enterprise
What should real estate businesses do during a recession cycle?
When the real estate sector enters a recession cycle, businesses in the industry face significant challenges.
Real estate sector rebounds, companies see profits soar 200-fold
In the first nine months of 2024, Vietnam's real estate market has shown positive signs of recovery, with several companies recording impressive profit margins.
Restructuring the banking sector through mandatory transfers
The State Bank of Vietnam (SBV) has decided on the mandatory transfer of Vietnam Construction Bank (CB) and Ocean Commercial Bank (OceanBank) to Vietcombank and Military Bank (MB), respectively.
How did securities companies perform in Q3?
In Q3 2024, many securities companies in Vietnam reported less than favorable business results, with revenue and profit declining compared to the same period.
Sun Group proposed to build a 100 km long light rail line from Saigon to Tây Ninh
Sun Group has submitted its recommendations to the People's Committee of Ho Chi Minh City regarding the draft plan for adjusting the general planning of Ho Chi Minh City up to 2040, with a vision extending to 2060.
Energy saving: The solution to the competitive challenge for Vietnamese enterprises
Amid rising energy costs and stringent demands from international markets, businesses need specific solutions to optimize energy.
Honoring the spirit of the business community and entrepreneurs
October 13 is not only an occasion to honor the achievements of the business community but also to recognize the relentless efforts of Vietnamese entrepreneurs in nation-building.
Expectations for businesses to play a greater, more significant role in the nation’s prosperity
In the future, by 2045, whether our country can become a developed industrial nation with high income depends on the dedication of today's and future entrepreneurs.
Chairman of VINASME: Vĩnh Phúc businesses confidently aim for sustainable development
The Chairman of the Vietnam Association of Small and Medium Enterprises (VINASME) emphasized that businesses in Vĩnh Phúc province are solidifying their position for sustainable development.
Deputy Minister of Natural Resources and Environment Lê Minh Ngân: Enhancing land access for businesses
Deputy Minister Lê Minh Ngân mentioned the difficulties businesses face in accessing land, particularly in healthcare and education projects.