Opening Ceremony of HanoiTex & HanoiFabric 2024 Exhibition

The Vietnam Hanoi Textile & Garment Industry Expo 2024 and the Vietnam Hanoi Fabric & Garment Accessories Expo 2024 (HanoiTex & HanoiFabric 2024) will take place from October 23-25, 2024 at the ICE Hanoi International Exhibition Center, 91 Tran Hung Dao Street, Hoan Kiem District, Hanoi.

Speaking at the opening of HanoiTex & HanoiFabric 2024, Mr. Vu Duc Giang, Chairman of the Vietnam Textile and Garment Association (Vitas), said that the Vietnamese textile and garment industry is facing great opportunities in the process of integration and development. In 2024, the textile and garment industry could achieve $44 billion in export turnover, an increase of nearly 10% compared to 2023. The industry has exported products to 104 markets, diversifying its customer base and product lines.

Mr. Vu Duc Giang, Chairman of the Vietnam Textile and Garment Association, speaks at the opening ceremony. Photo: Hai Linh

Mr. Vu Duc Giang also stated that the Vietnamese textile and garment industry simultaneously faces many challenges in its global development strategy, most notably the stringent standards from EU and US buyers; the trend towards green, sustainable development and digitalization in the industry is inevitable, and businesses need to focus on investing in technology to adapt.

" The exhibition showcases advanced equipment and technologies, raw materials, etc., helping businesses find solutions, especially technological solutions, to meet the standards of FTAs ," emphasized the Vitas leader.

At the opening ceremony, Mr. Le Tien Truong, Chairman of the Board of Directors of Vietnam Textile and Garment Group (Vinatex), also informed that HanoiTex & HanoiFabric is held annually in October in Hanoi. The exhibition showcases the latest trends and technologies in the production of textile raw materials and diverse fabrics, while focusing on reputable domestic and international brands of textile equipment and machinery. Each year, the exhibition welcomes nearly 10,000 trade visitors.

This year, the exhibition spans over 6,000m² – a 10% increase compared to 2023 – attracting more than 210 exhibitors from 10 countries and territories including India, Bangladesh, Taiwan (China), South Korea, Hong Kong (China), Lithuania, Japan, Switzerland, China, and Vietnam. Exhibitors showcased the latest products and equipment in the textile industry, as well as a diverse range of fabrics and raw materials, meeting the trends of modern and sustainable production.

Mr. Le Tien Truong - Chairman of the Board of Directors of Vietnam Textile and Garment Group. Photo: Hai Linh

Vinatex leaders also stated that, in the current economic context, on September 19th, the FED reduced interest rates by 0.5%, bringing the operating rate to 4.75-5% after more than 3 years, and there is a possibility that the US Federal Reserve (FED) will further reduce rates by 0.5% in the remaining two meetings in 2024, 1% in 2025, and 0.5% in 2026 to keep interest rates around 3% in the following years.

With this rate cut, the Fed expects a soft landing for the US economy (inflation reaching its target level without recession). Consumer sentiment in the US is expected to improve due to lower borrowing costs, reduced impact of credit card interest rates, and increased confidence in the economy.

In the EU, inflation is trending downward. Looking ahead, Europe remains a "gray area" regarding its economic recovery and medium-term consumer demand. Meanwhile, Japan is also shifting its policy approach, accepting inflation and a depreciating yen to achieve economic growth. These factors are expected to improve consumer demand in Vietnam's three largest textile export markets in the near future.

Furthermore, from a national competitiveness perspective, political instability and policy inadequacies in Vietnam's direct competitors such as Myanmar and Bangladesh have helped our textile and garment businesses receive orders shifting from these countries. Many garment businesses have orders booked until the second quarter, or even the third quarter of 2025.

Ribbon-cutting ceremony marking the opening of the HanoiTex & HanoiFabric 2024 Exhibition. Photo: Hai Linh

For Vietnamese textile and garment businesses, Vietnam's textile and garment exports reached a record high of US$4.66 billion in August 2024, with US exports reaching US$1.9 billion, also a record monthly figure. It is expected that orders will benefit from improved US consumer demand during the holiday shopping season. Demand and unit prices are only expected to truly improve from 2025 onwards, under a best-case scenario. With such favorable factors, the Vietnamese textile and garment industry faces significant market opportunities and continues to be a bright spot on the global textile and garment map.

Over the years, Vinatex has collaborated with the Vietnam Federation of Commerce and Industry and CP Vietnam Exhibition Organizing Company to successfully organize trade promotion and business networking programs, including HanoiTex & HanoiFabric 2024.

“ The organizers believe that this exhibition provides an opportunity for businesses to find partners, expand markets, update information, learn from experience, and enhance their competitiveness in the textile and garment market of Northern Vietnam, seizing market opportunities, ” Mr. Le Tien Truong expressed his expectations.

Within the framework of the exhibition, there were also seminars on the vision of the textile and garment industry in 2045, green transformations, smart production management and sustainable labor; many new brands for the machinery technology industry with diverse functions and reasonable prices…

Here are some photos from the exhibition:

Source: https://congthuong.vn/khai-mac-trien-lam-hanoitex-hanoifabric-2024-354170.html