In 2023, despite facing challenges and an expected decline in exports compared to 2022, the Vietnamese textile industry achieved a record breakthrough in export markets. Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association (VITAS), reported at the VITAS 2023 summary conference that the global excess inventory significantly impacted the industry. The textile export turnover for 2023 is estimated at $40.3 billion, a 9.2% decrease from 2022. Exports in garments, fabrics, yarns, and raw materials all experienced reductions.
The year saw a notable shift in export items. While key products like fleece, shorts, and children’s clothing decreased, items like protective workwear, suits, medical clothing, and jeans saw rapid growth. Despite the drop in export value, 2023 marked a significant expansion into 104 markets and territories, diversifying beyond major markets like the U.S., Japan, South Korea, the EU, Canada, China, Cambodia, and the UK.
Vu Duc Giang emphasized the importance of exploring new markets like Africa, Russia, and India, with the Vietnamese diaspora playing a crucial role in these exports. VITAS has set goals for the community to strengthen the industry’s position and build sustainable development solutions, focusing on eco-friendly production, green technologies, and digital transformation.
Facing global economic fluctuations in 2024, the textile industry must comply with new regulations regarding human rights and environmental assessments in supply chains, eco-design, recycled products, and waste management. Vietnam’s participation in 19 Free Trade Agreements (FTAs) provides a competitive edge, and the government’s strategy for the Textile and Footwear Industry until 2030, with a vision for 2035, will attract foreign investment in yarn-textile-dyeing sectors.
For 2024, VITAS aims for an export turnover of $44 billion. The association will support businesses in connecting with domestic and foreign companies, supply chain formation, market expansion, green production, and adapting to global market requirements. VITAS’ Chairman highlights the ongoing transition to sustainable practices and the importance of adapting to global rules, eco-friendly production, and investing in digital management and technology.
Source: Bao Tin Tuc
