"Never before has the Vietnamese textile and garment industry exported to so many markets."

According to the Vietnam Textile and Garment Association (Vitas), in 2023, the world witnessed a slow recovery of economies as geopolitical tensions persisted, fragmenting trade and driving high inflation; instability in financial markets led to a significant decline in purchasing power.

Mr. Vu Duc Giang, Chairman of Vitas, presided over the press conference.

Speaking at the press conference for the Vitas 2023 year-end review meeting this morning, November 23rd, in Hanoi , Mr. Vu Duc Giang, Chairman of Vitas, said that in the first 10 months of 2023, exports of the entire textile and garment industry reached over 33 billion USD, and the total for the whole year is expected to reach over 40 billion USD, a decrease of more than 9% compared to 2022.

The structure of export goods has changed significantly. Some key export items have decreased sharply, such as fleece clothing, shorts, and children's clothing. Conversely, items such as workwear, suits, medical clothing, and jeans have seen rapid increases.

According to Mr. Giang, this year, the highlight of the textile and garment industry is the breakthrough and diversification in export markets, products, and customers.

Specifically, in 2023, Vietnam's textile and garment industry was fulfilling orders for 104 markets and territories. "Never before has Vietnam's textile and garment industry exported to so many markets," Mr. Giang emphasized.

Looking at the first nine months of 2023, Vietnam's largest export market for textiles and garments was the US, with over $11 billion. This was followed by markets such as Japan ($3 billion), South Korea (over $2.4 billion), the EU (nearly $2.9 billion), Canada (approximately $850 million), and China (approximately $830 million)...

Affirming that there have been many changes in export items this year, Mr. Giang further informed that the textile and garment industry exports approximately 36 items. In the first nine months of the year, jackets were the main export item with over 4.3 billion USD; trousers of all kinds accounted for over 3.8 billion USD; fabrics of all kinds over 1.7 billion USD; underwear over 1.4 billion USD; dresses of all kinds over 900 million USD; and work safety clothing over 860 million USD…

"Regarding customers, a notable point is that some markets that previously did not import Vietnamese textiles and garments are now importing them. For example, Vietnamese textiles and garments were not exported to the African market before, but this year they are; from not paying much attention to the Russian market, exports have also increased significantly this year. Products related to Islam that businesses previously did not produce are now being produced…," Mr. Giang said.

Setting an export target of $44 billion in 2024.

In 2024, the global economy is projected to remain volatile. Challenges for textile and garment businesses continue as more and more major textile and garment importing markets introduce new, mandatory regulations related to human and environmental assessment in the supply chain, eco-design regulations, recycled products, and textile waste treatment.

Vitas has set a target for the entire industry to achieve export turnover of 44 billion USD in 2024.

However, Vitas recognizes that Vietnam's textile and garment industry still has advantages over competing countries. Vietnam has participated in and is currently negotiating a total of 19 free trade agreements (FTAs); it is the only country to have signed FTAs ​​with all major global economic partners such as the US, Japan, China, the EU, the UK, and Russia.

In particular, the recently approved Strategy for the Development of Vietnam's Textile, Garment and Footwear Industry until 2030 with a vision to 2035 will be the foundation for attracting foreign investment into the yarn, weaving, and dyeing sectors, creating opportunities for the textile and garment industry to take advantage of incentives from trade agreements.

Confirming that from the fourth quarter onwards, many major customers have returned to Vietnam's textile and garment industry after a period of previous difficulties, according to the Chairman of Vitas: "The market has started to heat up, which is a very good sign creating momentum for 2024."

Based on analysis and forecasts of the domestic and international situation, Vitas has set a target for the entire industry to achieve export turnover of 44 billion USD in 2024.

According to Vitas, in 2023, garment exports are estimated to decrease by $3.1 billion (equivalent to 8.9%); fabric exports are estimated to decrease by $186 million (equivalent to 6.9%); fiber exports are estimated to decrease by $485 million (equivalent to 10.3%); and raw material and accessory exports are estimated to decrease by $218 million (equivalent to 16%).

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