According to the Vietnam Textile and Apparel Association (Vitas), in 2023, the world will witness a slow recovery of economies as geopolitical tensions persist, fragmenting trade and causing high inflation; instability in the financial market will significantly reduce purchasing power.
Mr. Vu Duc Giang, Chairman of Vitas, chaired the press conference.
Speaking at the press conference of the Vitas 2023 Summary Conference this morning, November 23, in Hanoi, Mr. Vu Duc Giang, Chairman of Vitas, said that in the first 10 months of 2023, the total textile and garment industry's export reached over 33 billion USD, and this year it reached about more than 40 billion USD, down more than 9% compared to 2022.
The structure of export goods has changed significantly. Some key export items have decreased sharply such as sweatpants, shorts, children's clothes... On the contrary, items such as labor protection clothing, suits, medical clothes, jeans have increased rapidly.
According to Mr. Giang, this year, the highlight of the textile and garment industry is the breakthrough and diversification of export markets, products and customers.
Specifically, in 2023, Vietnam's textile and garment industry is fulfilling orders for 104 markets and territories. "Never before has Vietnam's textile and garment industry exported to so many markets," Mr. Giang emphasized.
In the first 9 months of 2023, the largest export market for Vietnamese textiles and garments was the US, with over 11 billion USD. Next were markets such as Japan with 3 billion USD, South Korea with more than 2.4 billion USD, the EU with nearly 2.9 billion USD, Canada with about 850 million USD, China with about 830 million USD, etc.
Affirming that this year there have been many changes in export items, Mr. Giang added that the textile and garment industry exported about 36 items. In the first 9 months of the year, jackets were the main export item with more than 4.3 billion USD; pants of all kinds were about 3.8 billion USD; fabrics of all kinds were more than 1.7 billion USD; underwear was more than 1.4 billion USD; dresses of all kinds were more than 900 million USD; protective clothing was more than 860 million USD...
"Regarding customers, the special thing is that there are markets that previously did not import Vietnamese textiles, but this year they have imported. For example, previously Vietnamese textiles were not exported to the African market, but this year they have; from not paying much attention to the Russian market, this year they have also increased exports significantly. Products related to Islam that businesses previously did not import, this year they have imported...", Mr. Giang said.
Set export target of 44 billion USD in 2024
In 2024, the world economy is forecast to continue to fluctuate. The challenges for textile and garment enterprises have not stopped when more and more major textile and garment import markets have introduced new mandatory regulations related to human rights and environmental assessment in the supply chain, eco-design regulations, recycled products, and textile waste treatment.
Vitas sets the industry-wide target of achieving an export turnover of 44 billion USD by 2024
However, Vitas recognizes that Vietnam’s textile and garment industry still has advantages over competing countries. Vietnam has participated in and is negotiating a total of 19 free trade agreements (FTAs); it is the only country to have signed FTAs with all major economic partners globally such as the US, Japan, China, the EU, the UK, and Russia.
In particular, the Strategy for the development of Vietnam's textile, garment and footwear industry to 2030 with a vision to 2035 recently approved by the Government will be the foundation for attracting foreign investment in the fields of fiber, weaving and dyeing, creating opportunities for the textile and garment industry to take advantage of incentives from the agreements.
Affirming that since the fourth quarter, many large customers have returned to the Vietnamese textile and garment industry after the previous difficult period, according to the Chairman of Vitas: "The market has started to heat up, this is a very good signal creating momentum for 2024".
Based on analysis and forecast of domestic and international situations, Vitas sets the industry-wide target of achieving an export turnover of 44 billion USD in 2024.
According to Vitas, in 2023, garment exports are estimated to decrease by 3.1 billion USD (equivalent to 8.9%); fabric exports are estimated to decrease by 186 million USD (equivalent to 6.9%); fiber exports are estimated to decrease by 485 million USD (equivalent to 10.3%); raw material exports are estimated to decrease by 218 million USD (equivalent to 16%).
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