Optimistic signs seen in exports of garment-textile sector

Optimistic signs seen in exports of garment-textile sector, Illustrative image (Source: VNA)

Hanoi – Enjoying a rise in orders, the garment and textile sector is optimistic about the completion of its target of earning 44 billion USD in export revenue set for this year.

Currently, the majority of businesses in the industry reported that they have received orders for production until May.

The Garment 10 Corporation JSC said that along with orders until May, the firm is negotiating for orders for following months to fulfil the target of 4.5 trillion VND in revenue and 130 billion VND in profit for this year.

Meanwhile, General Director of the Vietnam National Textile and Garment Group (Vinatex) Cao Huu Hieu said that this year, his firm aims to earn 17.53 trillion VND in revenue, up 3% over 2023, with profit rising 10% to 415 billion VND.

This year, the world economy is projected to see slow growth with a GDP expansion of 2.9%, while total demand for garment and textile products is predicted to reach 714 billion USD, a slight rise over 2023 but still below that of 2022.

Chairman of the Board of Directors of Vinatex Le Tien Truong held that the market will continue to experience uncertainty depending on developments in major markets of the US, EU, China and Japan.

Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang asserted that the recent increase in orders showed that the garment and textile sector is recovering and the market is heating up.

In order to achieve its export target, from now until 2030, the industry will switch its strategy from fast development to sustainable development and circular business. In the 2031-2035 period, it will focus on effective and sustainable growth following the circular economy model, while completing the domestic value chain and holding a higher position in the global supply chain, he said.

Particularly, the sector will concentrate on science-technology and human resources development, and drive high-tech weaving-dyeing-finishing projects to industrial parks, while investing in the production of new and environmentally-friendly materials of natural origin, and boosting the fashion sector, said Giang.

He also underlined the need to continue to diversify markets, products and customers, and increase the application of automation technology in some production lines and speeding up delivery process to meet the increasing demand of the market and customers.

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Textile and garment industry awaiting fresh drive in order to reverse fortunes Despite its continued reliance on traditional markets, the garments and textiles industry in Vietnam is gaining momentum for a gradual recovery in 2024 due to the diversification of its consumer base, products, and markets.