In 2024, the textile and garment industry could reach 44 billion USD in export turnover, an increase of nearly 10% compared to 2023.
According to data from According to the Vietnam Textile and Apparel Association, the total textile and garment export turnover in October 2024 reached 3.86 billion USD, up 10.7% over the previous month and up 24.26% over the same period last year. In general, the total textile and garment export turnover of Vietnam in the first 10 months of 2024 reached 36.11 billion USD, up 9.86% over the same period in 2023; of which, garment export turnover reached 28.38 billion USD, up 10.54%; fiber export turnover is estimated at 3.66 billion USD, up 0.47%; fabric export turnover is estimated at 2.22 billion USD, up 11.12%...
Mr. Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association (Vitas), said that Vietnam's textile and garment export activities continued to improve towards the end of the year, reflected in the increasingly expanding growth rate compared to the first months of the year; in which, key export markets such as the US, EU, Japan, and China still maintained growth; ASEAN, Russia, and Canada markets... are potential bright spots for businesses to promote the production and export of textile and garment products.
In addition, the continuing downward trend in freight rates is also supporting the growth of textile and garment exports. The Vietnamese textile and garment industry is facing great opportunities in the integration and development process. Vietnam still has room for textile and garment exports to accelerate in the last months of the year, as the inventories of import partners have decreased significantly. In addition, the cooling interest rate policy in the US and Europe is expected to stimulate year-end shopping demand.
In 2024, the textile and garment industry could reach 44 billion USD in export turnover, an increase of nearly 10% compared to 2023. However, in the context of an expanded export market and growing export turnover, the textile and garment industry still faces many challenges in the global development strategy, notably stricter standards from buyers in the EU and US markets...
Along with that is the trend of green, sustainable, digital development... causing businesses to need to focus on investing in technology to adapt and welcome opportunities from the market.
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