Vietnam’s textile and garment exports saw a significant boost in the first ten months of 2024, rising by 10.
5% year-on-year to reach $30.5 billion. This growth highlights the sector’s resilience amidst global economic challenges and underscores Vietnam’s position as one of the leading textile exporters worldwide. According to recent data, key markets driving this increase include the United States, the European Union, and Japan, where demand for Vietnamese textiles has remained strong.
The growth in textile exports is attributed to several factors, including improved production capacity, increased orders from international buyers, and Vietnam’s competitive labor costs.
Furthermore, the country has benefited from free trade agreements, particularly the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), which have helped lower tariffs and expand access to global markets.
While the overall outlook remains positive, industry experts caution that the sector may face challenges in the coming months due to fluctuating global demand, supply chain disruptions, and rising raw material costs. However, with Vietnam’s ongoing investment in technology and sustainability practices, the textile and garment industry is expected to continue its upward trajectory.
In 2024, Vietnam is poised to further solidify its position as a key player in the global textile trade, with growing export numbers signaling robust market performance for the rest of the year.
