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Friday, February 23, 2024

Vietnam targets $44bn in textile & garment exports in 2024

The Vietnam Textile and Apparel Association (VITAS) has set a target of US $44 billion for exports of textiles and garments from SE Asian countries in 2024.

This was announced by Vu Duc Giang, Chairman of VITAS, at a press conference.

This challenging target has been set in the background of textile and garment exports reviving in the last quarter of the present year

However, in the months between January and October this year, Vietnamese textile and clothing exports totaled $27.67 billion, down 12.9 percent year-over-year

In October 2023, they reached $2.56 billion in October 2023, a drop of 5.04 percent from a year ago period and also down 0.06 percent month on month.

The structure of export products has changed clearly. Some essential export items decreased sharply, such as sweatshirts, shorts, children’s clothing, etc.

Meanwhile, exports of products like protective safety workwear, suits, medical clothes, and jean pants proliferated.

In 2023, Vietnamese exporters will be able to diversify markets as never before. They have exported to 104 countries and regions by diversifying into non-traditional markets like Russia and Africa. The US remained the largest garment destination, followed by Japan, South Korea, the EU, Canada, and China.

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