Textile and garment exporters fully booked until year-end

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