Despite a decline in export turnover, Vietnamese textiles and apparel were exported to 104 countries across the world in the current year.
In order to export these to 104 countries, Vietnamese companies developed and expanded exports to non-traditional markets like Russia, India, and countries in Africa.
The US was the biggest export destination in the first nine months of 2023 at $11 billion, followed by Japan at $3 billion, South Korea at $2.4 billion, the EU at $2.9 billion, Canada at $850 million, and China at $830 million.
Media reports quoted Vũ Đức Giang, Chairman of Việt Nam Textile and Apparel Association (VITAS) as giving this information at a VITAS press conference.
“Although there has been a decline in exports, exports to 104 countries demonstrate efforts of the industry to diversify markets,” Giang said.
According to Giang, textile and garment exports get their competitive advantage through the various free trade agreements with the US, Japan, China, the EU, and the UK.
The VITAS Chairman forecasted this year’s textile and clothing exports to total US $40.3 billion in 2023, a slide of 9.2 percent as against that achieved in the earlier year.
Giang added that the apparel industry has witnessed an expansion of orders in the last quarter of the year, due to the upcoming Christmas holidays.
He expected the recovery trend to continue in 2024 but was pessimistic about the complete recovery of the global economy next year.