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Wednesday, June 19, 2024

Vietnam garment sector posts trade surplus of $17bn

The trade surplus of the Vietnamese garment industry totaled US $17 billion in 2023 as apparel exports stood at $40.3 billion, as against textile raw materials imports of $23.3 billion.

Although Vietnam is now a significant producer and exporter of manmade fibers, segments like spinning, weaving, and fabric processing still do not have enough capacity to supply to the export industry.

“This has resulted in garment factories still being dependent on imported fabrics and garment accessories,” Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association (VITAS) said.

According to Giang, to reduce reliance on imported raw materials, the government should encourage the setting up upstream textile factories, which will save valuable foreign exchange.

The Vietnamese textile and garment industry has set an export target of $44 billion, an increase of 9.2 percent compared to 2023.

“To be able to reach the export target figure, the industry will need to change its export strategy and diversify markets, customers, as well as export products,” Giang added.

The VITAS Chairman also advised the industry to undertake branding initiatives to make ‘Made in Vietnam’ clothing popular among brands, retailers, and consumers in various countries. 

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