Optimistic signs seen in exports of garment-textile sector
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.
Hanoi (VNA) – Enjoying a rise in orders, the garment and textile sector is optimistic about the completion of its target ofearning 44 billion USD in export revenue set for this year.
Currently, the majority of businesses in the industry reportedthat they have received orders for production until May.
The Garment 10 Corporation JSC said that along with orders untilMay, the firm is negotiating for orders for following months to fulfil thetarget of 4.5 trillion VND in revenue and 130 billion VND in profit for this year.
Meanwhile, General Director of the Vietnam National Textileand Garment Group (Vinatex) Cao Huu Hieu said that this year, his firm aimsto 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 growthwith a GDP expansion of 2.9%, while total demand for garment and textileproducts is predicted to reach 714 billion USD, a slight rise over 2023 butstill below that of 2022.
Chairman of the Board of Directors of Vinatex Le Tien Truongheld that the market will continue to experience uncertainty depending ondevelopments 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 thatthe 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 sustainabledevelopment and circular business. In the 2031-2035 period, it will focus oneffective and sustainable growth following the circular economy model, whilecompleting the domestic value chain and holding a higher position in the globalsupply chain, he said.
Particularly, the sector will concentrate onscience-technology and human resources development, and drive high-techweaving-dyeing-finishing projects to industrial parks, while investing in theproduction of new and environmentally-friendly materials of natural origin, andboosting the fashion sector, said Giang.
He also underlined the need to continue to diversifymarkets, products and customers, and increase the application of automationtechnology in some production lines and speeding up delivery process to meetthe increasing demand of the market and customers./.
Along with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnamese garment and textile sector also needs a Vietnam-Canada free trade agreement or another bilateral deal to penetrate more deeply into the North American market, according to experts.
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2023 was the most difficult year in more than three decades of exporting for the textile and garment industry, excluding 2020 when the whole world closed down due to the COVID-19 pandemic, according to Le Tien Truong, vice chairman of the board of directors of Vietnam National Textile and Garment Group.
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Illustrative image (Source: VNA) 
