It is forecasted that consumer demand will gradually increase, inventories in many countries will gradually decrease, and the textile and garment industry will have positive changes, which may help the textile and garment industry open up many export opportunities and have a bright future. This year, the industry has set an export target of 44 billion USD, an increase of nearly 4 billion USD, about 9.2% compared to 2023.
Expectations for growth recovery in the textile industry
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| This year the textile and garment industry aims to export 44 billion USD. |
Mr. Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association (VITAS), said that last year, the textile and garment industry had some success, reaching an export turnover of 40.3 billion USD. To adapt to the proposed strategy, the entire textile and garment industry has diversified its markets, customers and export products. Therefore, the industry's trade surplus is 17 billion USD.
The main export markets are still the US, Japan, Korea, EU... To meet the requirements of partners, the Vietnamese textile and garment industry has strongly adapted in the past 5 years to digital transformation and greening in its operations.
According to VITAS statistics, in addition to large enterprises such as May Viet Tien, May 10, May Bao Minh, Dong Tien, Thanh Cong..., there are many medium-sized enterprises such as Faslink, Tsafari, Trung Quy, VitaJean... following this trend and initially "reaping" certain successes in the context of reduced market demand.
The issue of brand building is also mentioned as a factor for the Vietnamese textile and garment industry to break through and "go the long way". VITAS representative said that the necessary and sufficient condition is to build a strategy and aspiration to build a fashion industry for businesses in terms of brands and trademarks for the vision of 2030-2045. Vietnamese brands must be sold in major stores around the world.
In 2024, we will try to maintain the measures of 2023 and set a growth target of about 7% higher in revenue and profit compared to 2023. Besides expanding to new markets and new products, the company will continue to develop product consumption in the domestic market.
Mr. Vu Duc Giang said that this year the industry aims to export 44 billion USD, an increase of 9.2% compared to 2023. At the same time, he said that this year the industry will continue to implement the strategy, diversify markets, diversify customers and diversify export products.
According to Mr. Giang, in order for the textile industry to develop, the Government and ministries need to develop local regional planning to develop industrial zones to invest in the supply shortages of the textile and dyeing industry.
Mr. Giang emphasized that the necessary and sufficient condition is to build a strategy, aspiration, and build a fashion industry for businesses in terms of brands and trademarks for the vision of 2030-2045. Vietnamese brands must be sold in major stores around the world.
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