Vietnam's "billion-dollar industry" rises to the top of export market share to the US

Orders no longer have to be "measured"

Mr. Cao Huu Hieu - General Director of Vietnam National Textile and Garment Group said that in the first 5 months of the year, the textile and garment market has improved. Compared to the same period in 2023, the number of orders in early 2024 was higher, and the order period was longer. Most of the group's garment companies have enough orders until October and are negotiating orders for the following months.

Mr. Hieu said that the total export value of the entire textile and garment industry in the first 5 months of 2024 reached nearly 16 billion USD, an increase of 5% over the same period last year. In particular, the bright spot is that Vietnam's textile and garment industry has risen to the top of the market share of garment exports to the US market, and at the same time ranked first in growth rate among the 3 largest textile and garment exporting countries in the world .

According to the leader of the Vietnam Textile and Garment Group, the improvement in Vietnam's textile and garment exports in the first 5 months of 2024 did not come from improved global demand for textile and garment products, but rather from a certain shift of orders from other countries to Vietnam.

According to Mr. Hieu, in the first 6 months of 2024, all employees in the group will maintain the same workforce and income as in 2023. "This is a good thing because when there is a market, businesses immediately have the workforce to produce and retain customers," Mr. Hieu emphasized.

Export orders increase again. Photo: Cuong Ngo

Mr. Nguyen Chi Trung - Chairman of the Board of Directors of Gia Dinh Group Joint Stock Company, a large enterprise in the leather and footwear industry, also said that recently the enterprise has received a series of orders from large partners in the world and has orders until the end of June. This is a rare thing in the past 2 years when the leather and footwear industry has gone through a difficult period.

To meet export orders, at the company's factories, workers are being mobilized to work overtime 5 days a week, an additional 2 - 2.5 hours each day.

According to Mr. Trung, in the difficult context, businesses have made changes by focusing on expanding small markets and searching for new markets.

Continue to deploy solutions to clear production

To continue to maintain the growth momentum of exports, Mr. Cao Huu Hieu said that businesses need to take full advantage of market opportunities, identify technically difficult products, small orders... but high added value to produce instead of cheap, popular products that are difficult to compete with.

Regularly monitor, update and forecast market information, develop possible scenarios and have appropriate plans for production and business activities.

In addition to complying with technical requirements on the environment and welfare policies for employees, it is necessary to continue modernizing the governance model, ensuring harmony of interests of shareholders, society and employees, and transparency of information on supply chain traceability.

Mr. Bui Huy Son - Director of the Department of Planning and Finance ( Ministry of Industry and Trade ) said that import-export activities have many advantages when the existing free trade agreements (FTAs) with partners/markets continue to have positive impacts, maintaining Vietnam's advantages in trade and investment activities.

However, the global economy is entering a new period with many risks, challenges and unpredictability, increasing competition in Vietnam's export markets...

Therefore, the Ministry of Industry and Trade said it will continue to implement solutions to unblock production, develop stable supply sources for exports and the domestic market; ensure energy security. In particular, focus on market solutions, promote exports and domestic consumption; effectively control imports and the quality of goods circulating on the market.

Source: https://laodong.vn/kinh-doanh/nganh-ti-do-cua-viet-nam-vuon-len-dung-dau-thi-phan-xuat-khau-vao-my-1357937.ldo