Vietnamese textile and garment enterprises are shifting focus from traditional markets to explore new opportunities in niche segments, aiming to diversify their market base and increase profits. In the latter half of 2024, the Vietnam Textile and Garment Group (Vinatex) plans to export fire-resistant fabrics and clothing to new markets, including Indonesia, India, the Middle East, and the US.
According to Le Tien Truong, Chairman of Vinatex, these specialised products have high technical requirements and offer significant growth potential, contingent on the regulatory environment of each target market. Collaborations, such as with Coast Group (UK), aim to generate $2-2.5 million in revenue, with ambitions to double annually over the next five years.
Experts believe that niche products like fire-resistant clothing present clearer growth potential and less competition compared to traditional fashion items. To capitalize on these opportunities, Vietnamese enterprises are investing in infrastructure, equipment, and technology.
General Director of Vinatex, Cao Huu Hieu, noted that most garment enterprises have secured production orders through the peak season of 2024, projecting an 8-10% increase in export turnover compared to 2023. The Ministry of Industry and Trade forecasts strong export recovery, supported by the peak third quarter and increased consumer spending.
As Vietnam continues to expand its market share, especially in markets like Africa, India, and Russia, it positions itself to achieve a 2024 export target of $44 billion.
