For the first time this year, Vietnam's export earnings from the textile and apparel sector (T&A)increased by 12.4 per cent Y-o-Y to $4.29 billion in July 2024, achieving the highest figure since August 2022.

As per the figures from the General Statistics Office (GSO), over the first seven months of the year, Vietnam’s export earnings from the sectorincreased by 5.9 per cent Y-o-Yto $23.9 billion.

During this period, exports of fiber and yarn rose by 3.5 per cent Y-o-Yto $2.53 billion, while fabric exports rose by 18 per centto $458 million.

During the same timeframe, Vietnam expenditure on textile and garment imports rose by 11.4 per cent Y-o-Yto $878 million.

Last year, Vietnam's garment and textile exports had declined by 10 per cent to $39.5 billion. However, this year, the sector has set an ambitious target by increasing its export earnings by 10 per cent Y-o-Y to $44 billion.

During a trade promotion conference in July, Truong Van Cam, Vice Chairman, Vietnam Textile and Apparel Association (VITAS), encouraged local firms to seize every opportunity, make accurate forecasts, and stay informed about market conditions to achieve the$44 billion export target for this year.