Textile and garment exports recovered positively

VCN - Vu Duc Giang, Chairman of Vietnam Textile & Apparel Association shared with Customs News about the production and export situation of Vietnam's textile and garment industry after many difficult periods.
Vu Duc Giang, Chairman of Vietnam Textile & Apparel Association
Vu Duc Giang, Chairman of Vietnam Textile & Apparel Association

After signs of recovery at the end of 2023, how is the export situation of Vietnam's textile and garment industry since the beginning of 2024?

In the first two months of 2024, although having 15-day celebration of the Lunar New Year, Vietnam's textile and garment export turnover still reached US$6.2 billion and is estimated to reach about US$9.5 billion in the first quarter, a growth of about US$6.2 billion USD, an increase of 9.62 percent compared to the same period in 2023.

In 2024, Vietnam's textile and garment industry sets an export target of about US$44 billion. This target is based on the fact that orders in markets have begun to return at a relatively good level compared to the same period last year. In addition, Vietnam's textile and garment industry is also adapting very quickly in its greening and sustainable development strategy in line with the requirements of major markets.

In particular, the proportion of invested factories that meet the standards of rating organizations is increasing. This helps promote the adaptability of Vietnamese textiles and garments to the import standards of Europe and some countries such as the US, Japan, South Korea...

Which markets has the recovery been recorded, sir?

The US market is recovering relatively well, about 3-4 percent compared to the same period in 2023. This is a very positive signal because US is a market that accounts for up to 44-45 percent of the total export turnover of Vietnam's textiles and garments. Following is Japanese market, especially the Uniqlo brand which is growing very quickly. The Korean market and other ASEAN and Asian countries are also recovering positively.

In 2023, Vietnamese textiles and garments exported to 104 global markets. Among them, Asian countries are also important target markets and have had very good growth. Currently, exports to ASEAN and Asian markets in general are increasing by about 6 percent. In addition, last year, the textile and garment industry also had many solutions to promote exports to African and Middle Eastern markets and also achieved positive results.

This shows the strategy that the Vietnam Textile and Apparel Association set for businesses in terms of diversifying markets, diversifying partners, customers and diversifying products has been effective.

Recently, the Vietnam Textile and Apparel Association has actively called for investment in the supply shortage. What results have been achieved so far, sir?

A very positive thing is that FDI investment in the fourth quarter of 2023 and in the first two months of 2024 in the fields of weaving, dyeing, and sewing has increased very quickly, only the fiber industry is slowing down. Many raw material factories, factories in producing threads, zippers, copper buttons, plastic buttons... of investors from the US, Japan, China, Taiwan, Hong Kong... have been invested in Vietnam on a world-leading scale.

For example, SAB Group (China) has invested in a zipper factory in Bim Son Industrial Park (Thanh Hoa) with the leading scale in the group's factory system. Similarly, the world's leading zipper company YKK has also invested in a second factory in Vietnam, located in Dong Van Industrial Park (Ha Nam) with a larger scale and more morden technology than the last one in Dong Nai.

a much more modern scale and technology than the previous factory. there in Dong Nai. Germany's Amann thread factory in Vietnam is also one of the number one thread manufacturing factories in the world... Currently, a series of European and American thread factories have been invested in Vietnam.

In my point of view, the series of Free Trade Agreements of Vietnam are the driving force to attract domestic investors as well as FDI investors to invest in the supply shortage of Vietnam's textile and garment industry. This is one of the factors that helps gradually reduce dependence on external raw materials. This will also help Vietnam's textile and garment industry solve some key problems: faster domestic production time, lower transportation costs, more competitive prices and we can be proactively in source domestic raw materials to develop the fashion industry.

In the future, the Vietnam Textile and Apparel Association will continue to call for investment in the supply shortage for the following years' goals. In fact, we cannot immediately appeal to all fields. This investment process will entail shifts from other countries to Vietnam and this will help improve our ability to adapt to the global market.

Thank you, sir!

By Nguyen Hien/Kieu Oanh

Related News

Build and protect the rice value chain against market fluctuations

Build and protect the rice value chain against market fluctuations

VCN - Due to recent risks and challenges,business performancehave been badly hurt andmany chain links have been under threats ..., the rice industry needs to enhance the role of ministries, branches, localities, and farmers and businesses in building and protecting the rice value chain against market fluctuations.
Why director of Saigon Port Import-Export and Services JSC suspended from exit?

Why director of Saigon Port Import-Export and Services JSC suspended from exit?

VCN - Ms. Luong Tieu Tran, born in 1979, Director of Saigon Port Import-Export and Services JSC, was temporarily suspended from leaving the country from May 14, 2024.
Footwear faces concerns about new regulations in export markets

Footwear faces concerns about new regulations in export markets

VCN - Despite growth in the first months of 2024, the leather and footwear industry is facing new regulations in export markets related to supply chain traceability.
Positive economic transformations in four months

Positive economic transformations in four months

VCN - In the context of global difficulties and challenges, Vietnam's socio-economic situation in April continues to undergo quite positive transformations, contributing to improving the overall results of the first four months of the year and setting the pace for the following months.

Latest News

Agricultural, forestry and fishery product exports continue to "scoring points"

Agricultural, forestry and fishery product exports continue to "scoring points"

VCN - In the first four months of 2024, the country's total export turnover of agricultural, forestry and fishery products is estimated to reach more than US$19 billion, an increase of 23.7 percent compared to the same period last year. Most key agricultural and forestry export products increased higher than the same period last year as well as the export value to all markets increased.
VN

VN's Steel industry ranks 12th in world crude steel production

This accomplishment not only highlights the industry’s rapid growth in production output but also signifies its increasing independence and diversification of product types.
Chu Lai Port installs specialised crane system

Chu Lai Port installs specialised crane system

Chu Lai International Port belonging to Trường Hải International Logistics Limited Liability Company (THILOGI) has installed a new specialised crane system that costs more than VNĐ400 billion (US$15.7 million).
The processing and manufacturing industry increased by 6.3% in 4 months

The processing and manufacturing industry increased by 6.3% in 4 months

VCN - Continue the recovery momentum from the end of 2023, industrial production in April and the first 4 months of 2024 continues to show a positive trend. Of which, the processing and manufacturing industry increased by 6.3%.

More News

Corporate profits enter recovery cycle

Corporate profits enter recovery cycle

VCN - The recently released Q1 2024 business results update by SSI Securities Corporation shows that corporate profits may have overcome the most challenging period and entered a phase of recovery and more stable growth.
Focusing on the "readiness" factor waiting for foreign investors in the high-tech field

Focusing on the "readiness" factor waiting for foreign investors in the high-tech field

VCN - According to a representative of the Ministry of Planning and Investment (MPI), investment by foreign corporations and businesses depends on many factors, but it is necessary to focus on factors related to Vietnam's readiness.
Exploiting the potential of Dong Nai

Exploiting the potential of Dong Nai's largest seaport

VCN - Phuoc An Port - the largest seaport in Dong Nai is expected to come into operation in July 2024, which will contribute to a significant increase in the amount of goods arriving at Dong Nai seaport. In order to meet the needs of import and export and create favorable conditions for businesses, customs management units in the area also need to change their model.
Hanoi calls for investments in six urban areas projects

Hanoi calls for investments in six urban areas projects

Hanoi is calling for investment in six urban areas projects in Dong Anh district worth a total of 34 trillion VND (1.3 billion USD).
The food industry aims to green packaging

The food industry aims to green packaging

VCN - Greening food packaging is not only a trend but also a strategic transformation of businesses to meet environmental requirements. Therefore, businesses need to focus on using environmentally friendly packaging materials that are easy to recycle while ensuring product quality.
"The key" to growth motivation for enterprises

"The key" to growth motivation for enterprises

VCN - Unlocking growth motivations is an urgent requirement from the Government to help enterprises and the economy quickly recover. But unlocking the driving motivations must be accompanied by drastic reforms in institutions and the business environment to create conditions and increase confidence for enterprises to step forward.
Exports of four localities achieve tens of billions of USD

Exports of four localities achieve tens of billions of USD

VCN - By the end of April, there are four localities and cities reaching an export turnover of US$10 billion or more, according to the statistics of General Department of Vietnam Customs.
Rapid greening of the logistics sector to avoid being "eliminated"

Rapid greening of the logistics sector to avoid being "eliminated"

VCN - In the current context, if criteria for greening the logistics sector are not quickly and immediately implemented, businesses will face significant difficulties in the future and gradually be "eliminated" from domestic and global business, trade, and import-export activities.
25 out of 28 northern localities report positive industrial production

25 out of 28 northern localities report positive industrial production

As many as 25 out of 28 northern localities reported positive annual growth in industrial production in the first four months of 2024, heard the 10th meeting of industry and trade sectors from 28 northern cities and provinces in Hanoi on May 17.
Read More

Your care

Latest Most read
Agricultural, forestry and fishery product exports continue to "scoring points"

Agricultural, forestry and fishery product exports continue to "scoring points"

In the first four months of 2024, the country's total export turnover of agricultural, forestry and fishery products is estimated to reach more than US$19 billion, an increase of 23.7 percent
Build and protect the rice value chain against market fluctuations

Build and protect the rice value chain against market fluctuations

VCN - From a business perspective, Mr. Dinh Minh Tam, Director of Co May Co., Ltd. (Dong Thap) said that in the first months of the year, the company's main export markets all grew well.
VN

VN's Steel industry ranks 12th in world crude steel production

This accomplishment not only highlights the industry’s rapid growth in production output but also signifies its increasing independence and diversification of product types.
Chu Lai Port installs specialised crane system

Chu Lai Port installs specialised crane system

Chu Lai International Port belonging to Trường Hải International Logistics Limited Liability Company (THILOGI) has installed a new specialised crane system that costs more than VNĐ400 billion (US$15.7 million).
The processing and manufacturing industry increased by 6.3% in 4 months

The processing and manufacturing industry increased by 6.3% in 4 months

Continue the recovery momentum from the end of 2023, industrial production in April and the first 4 months of 2024 continues to show a positive trend.
Mobile Version