Vietnam's textile and garment (T&A) exports are projected to rise by 11 pe cent to reach $44 billion in 2024, according to the Vietnam Textile and Apparel Association (VITAS). This would help consolidate Vietnam’s position as the world's second-largest textile exporter, behind China.
Vietnam’s T&A exports in the early months of 2024 increased by 1.8 per cent Y-o-Y to $3.19 billion. The industry aims to increase its exports to $47-$48 billion by 2025.
The US remains Vietnam's top market, with exports in January 2025 rising by 6 per cent to $1.4 billion. Since 2018, share of the US in Vietnam’s T&A exports has doubled, reaching nearly 20 per cent in 2024 with companies like Duc Giang Corporation reporting strong revenue growth.
Despite this success, challenges persist. Rising shipping costs, market volatility, and intense global competition, particularly from Bangladesh and India, pose threats.
To counter these issues, Vietnamese companies are investing in automation, modern equipment, and workforce development. They're focusing on operational efficiency and product innovation.
Optimism remains for continued growth in 2025, driven by economic recovery in key markets like the US and EU, and Vietnam's focus on quality and efficient production.
Free Trade Agreements, such as the CPTPP, are crucial for expanding into new markets like Canada and Australia. Enhanced maritime communication and agricultural improvements will also support trade.
Industry leaders emphasize the need for operational excellence, productivity gains, and technological adoption to navigate rising costs and meet evolving consumer demands.
Vietnam's textile industry is demonstrating adaptability and resilience, positioning itself for continued growth and solidifying its role in the global textile market.
