Opening of HanoiTex & HanoiFabric Exhibition 2024

International exhibition of textile & garment industry - equipment, raw materials & fabrics 2024 (Vietnam Hanoi Textile & Garment Industry Expo 2024) and Vietnam Hanoi Fabric & Garment Accessories Expo 2024 (HanoiTex & HanoiFabric 2024) take place from October 23-25, 2024 at ICE Hanoi International Exhibition Center, 91 Tran Hung Dao, Hoan Kiem, Hanoi.

Speaking at the opening ceremony of HanoiTex & HanoiFabric 2024, Mr. Vu Duc Giang - Chairman of the Vietnam Textile and Apparel Association (Vitas) said that the Vietnamese textile and garment industry is facing great opportunities in the process of integration and development. In 2024, the textile and garment industry can reach 44 billion USD in export turnover, an increase of nearly 10% compared to 2023. The industry has exported products to 104 markets, diversifying customers and products.

Mr. Vu Duc Giang - Chairman of Vietnam Textile and Apparel Association spoke at the opening ceremony. Photo: Hai Linh

Mr. Vu Duc Giang also said that the Vietnamese textile and garment industry is also facing many challenges in its global development strategy, notably the difficult standards from EU and US buyers...; the trend of green, sustainable and digital development in the industry is inevitable, and businesses need to focus on investing in technology to adapt.

“ The exhibition brings advanced equipment and technology, raw materials..., helping businesses find solutions, especially technological solutions to meet standards from FTAs ”, Vitas leaders emphasized.

At the opening ceremony, Mr. Le Tien Truong - Chairman of the Board of Directors of Vietnam National Textile and Garment Group (Vinatex), also informed that HanoiTex & HanoiFabric is held annually in October in Hanoi. The exhibition displays the latest trends and technologies in the production of textile materials and various fabrics, while focusing on prestigious domestic and international brands of textile equipment and machinery. The exhibition welcomes nearly 10,000 trade visitors each year.

This year, the exhibition covers an area of ​​over 6,000 square meters - an increase of 10% compared to 2023, attracting more than 210 exhibitors from 10 countries and territories such as India, Bangladesh, Taiwan (China), Korea, Hong Kong (China), Lithuania, Japan, Switzerland, China and Vietnam. Exhibitors showcase the most modern products and equipment in the textile industry, as well as a variety of fabrics and raw materials, meeting modern and sustainable production trends.

Mr. Le Tien Truong - Chairman of the Board of Directors of Vietnam Textile and Garment Group. Photo: Hai Linh

Vinatex leaders also said that in the current economic context, on September 19, the FED reduced interest rates by 0.5%, bringing the operating rate to 4.75 - 5% after more than 3 years and it is likely that the US Federal Reserve (FED) will continue to reduce interest rates by 0.5% in the remaining 2 meetings in 2024, 1% in 2025 and 0.5% in 2026 to keep interest rates around 3% in the following years.

With this cut, the FED expects a soft landing of the US economy (inflation to target without recession). The US consumer sentiment is more positive due to lower borrowing costs, reducing the impact of credit card interest rates, as well as boosting confidence in the economy.

For the EU, EU inflation tends to decrease. In the near future, Europe is a “gloomy area” in terms of economic recovery and consumption demand in the medium term. As for Japan, this country is also changing its policy approach, accepting inflation and Yen devaluation to achieve economic growth. These factors will improve consumer demand in the three largest textile and garment export markets of Vietnam in the near future.

Along with that, from the perspective of national competitiveness, due to political instability and policy inadequacies in direct competitors with Vietnam such as Myanmar and Bangladesh, our textile and garment enterprises have received orders shifting from these countries. Many garment enterprises have orders until the end of the second quarter, even the third quarter of 2025.

Ribbon cutting ceremony Opening of HanoiTex & HanoiFabric Exhibition 2024. Photo: Hai Linh

For Vietnamese textile and garment enterprises, Vietnam's textile and garment exports reached a record of 4.66 billion USD in August 2024, of which 1.9 billion USD to the US is also a monthly record. Orders are expected to benefit when US consumer demand improves during the holiday shopping season. Demand and unit prices will only really improve from 2025 in the best scenario. With such favorable factors, the Vietnamese textile and garment industry is facing great market opportunities and affirms that it will continue to be a bright destination on the world textile and garment map.

Over the years, Vinatex has cooperated with the Vietnam Federation of Commerce and Industry and CP Vietnam Exhibition Organization Company to successfully organize trade promotion and business connection programs, including HanoiTex & HanoiFabric 2024.

“ The organizers believe that this exhibition will provide opportunities for businesses to find partners, expand markets, update information, learn from experience, and improve their competitiveness in the textile market of the Northern region of Vietnam, taking advantage of market opportunities, ” Mr. Le Tien Truong expected.

Within the framework of the exhibition, there will also be seminars on the vision of the textile industry in 2045, green transformation, smart production management and sustainable labor; many new brands for the machinery technology industry with diverse functions and reasonable prices...

Some pictures at the exhibition:

Source: https://congthuong.vn/khai-mac-trien-lam-hanoitex-hanoifabric-2024-354170.html