Vietnam's textile and garment export market has experienced unprecedented growth, according to VITAS.
- 200
- Business
- 21:41 23/11/2023
DNHN - Mr. Vu Duc Giang, Chairman of Vitas, stated that Vietnam has exported garments and textiles to 104 countries and territories, more than at any other time of year.
The Vietnam Textile and Apparel Association (Vitas) organized a press conference on November 23 in Hanoi to provide information regarding the Vitas 2023 Summary Conference. Mr. Vu Duc Giang, Chairman of Vitas, provided an abundance of information regarding the production and export situation of industry businesses and made numerous projections for 2024 during the press conference.
According to a report by Vitas, the market breakthrough stands out as the most notable aspect of the industry's less-than-stellar performance this year. "Never has Vietnam exported textiles and garments to as many markets as this year, to 104 countries and territories," stated Vu Duc Giang. With over 11 billion USD, the United States remains the leading market for textile and garment exports from Vietnam; Japan follows with approximately 3 billion USD; Korea contributes 2.43 billion USD; and the European Union contributes nearly 2.9 billion USD. These are four significant textile and garment markets in Vietnam.
![VITAS: Vietnam's textile and garment export market has expanded like never before. VITAS: Vietnam's textile and garment export market has expanded like never before.](https://media.doanhnghiephoinhap.vn/uploads/2023/11/23/new-shortcut-1700750397.jpg)
Businesses have significantly evolved in terms of their product offerings, incorporating a greater variety of 36 garment products, including workwear, suits, medical attire, and jeans, which are experiencing rapid growth. By diversifying its customer base, products, markets, and business partners, the textile and garment industry in Vietnam advances its efforts to decrease reliance on sizable markets.
Additionally, Mr. Vu Duc Giang disclosed that Vitas will maintain its alliance with businesses, with a particular emphasis on the concerns and welfare of the textile and garment industries. In particular: Effectively facilitate the connection between domestic enterprises and foreign-invested enterprises to expand export markets and establish supply chains; collaborate with esteemed international organizations to execute business support initiatives about design, branding, green transformation, governance, and new technologies; Implement domestic and international trade promotion programs to facilitate the exchange and promotion of business images among Vietnamese enterprises; provide members with timely updates on the country's and the world's industries, economies, and societies.
As per Mr. Vu Duc Giang, orders to businesses improved in the fourth quarter of 2024, which bodes well for the coming year 2024. The textile and garment industry in Vietnam sets its sights on achieving an export turnover of 44 billion USD by 2024.
To attain this objective, the diversification of export products and markets remains a critical solution. Simultaneously, the sector persists in the execution of sustainable development objectives, accommodating the demands of the international market regarding environmental friendliness and greenhouse gas reduction, while placing significant emphasis on substantial investments in boiler systems. electrocautery and digital administration.
Assemble industrialization and automation investment strategies, with a particular emphasis on allocating resources towards a multitude of production lines to satisfy the demands for rapid delivery, minimal product codes, and superior quality. Concentrate on the growth of the fashion industry, the establishment of domestic brands, and their international expansion. Create personnel with expertise in fashion design who are adaptable to 3D design technology.
P.V (t/h)
Related news
- Businesses need to increase adaptability to join the global supply chain
- Agricultural exports are forecast to reach nearly 60 billion USD in 2024
- General Secretary Nguyen Phu Trong: An outstanding politician, a great theorist
- Why is bank security very important?
- Export businesses face difficulties as sea freight rates rise
- Banks and challenges in funding green projects
- Strategies for innovation to adapt and seize opportunities by enterprises
- The Ho Chi Minh City Friendship Dialogue and the Ho Chi Minh City Economic Forum will take place in September 2024
- Why is it necessary to implement the direct electricity purchase mechanism soon?
- How are bank bond interest rates attractive to investors?
- Bamboo Airways aims to break even and become profitable by 2025
- Overcoming rising input costs and supply challenges in business
- The strong growth of air travel demand in Vietnam
- New proposal on petroleum business: Enterprises can have the freedom to set retail prices
- Electric vehicle market share in Vietnam: Development trends and challenges
- Farm School - What legal framework is needed for this new model?
- Digital transformation in the banking sector: The future direction of financial services
- EuroCham: European enterprises confident in Vietnam's long-term economic growth
- The journey from Nghe An fields to the TH True Milk brand
- Why support taxi businesses transitioning to electric vehicles?
Đọc thêm Business
Testing the "sandbox" model to diversify the Vietnamese stock market
The "sandbox" model to test new securities products will help select a number of securities companies and intermediary financial institutions with sufficient potential to pilot some structured products for the market.
Agricultural exports are forecast to reach nearly 60 billion USD in 2024
Vietnam's agricultural sector is a bright spot with increasing export potential. It is forecast that in 2024, Vietnam could reach an export level of nearly 60 billion USD, opening up great opportunities for sustainable development in this sector.
General Secretary Nguyen Phu Trong: An outstanding politician, a great theorist
General Secretary Nguyen Phu Trong's passing is a great loss for our Party and the people of Vietnam, leaving infinite regret among the people of the entire country and internationally.
Export businesses face difficulties as sea freight rates rise
Logistics costs have now increased by about 130% compared to the end of 2023. This reality has been pushing domestic export businesses into a state of freezing many export orders.
The Ho Chi Minh City Friendship Dialogue and the Ho Chi Minh City Economic Forum will take place in September 2024
The 2nd Ho Chi Minh City Friendship Dialogue (Ho Chi Minh City Friendship Dialogue – FD) in 2024, themed "Industrial transformation: Experiences and priorities in development cooperation", will take place from September 23-24, 2024.
Why is it necessary to implement the direct electricity purchase mechanism soon?
Implementing the direct electricity purchase mechanism brings many economic and environmental benefits and creates condition for the sustainable development of the electricity sector. Thus, this mechanism has become increasingly necessary and urgent.
How are bank bond interest rates attractive to investors?
Bank bonds are attracting investor interest due to their attractive interest rates and high level of security. This is a popular choice among investors in stable and safe financial products today.
Overcoming rising input costs and supply challenges in business
Currently, businesses are facing significant challenges as input costs rise and supply becomes difficult. The shortage of supply can impact business operations, profits, and the competitiveness of businesses.
The strong growth of air travel demand in Vietnam
Vietnam is becoming a top tourist destination in Southeast Asia, with the strong growth in air travel demand creating both opportunities and challenges for the industry.
Tourism and resort real estate begins to show more positive signals
Tourism and resort real estate, although affected by the pandemic, are showing many signs of recovery and many new positive opportunities in the coming period.