In the first three months of 2024, Vietnam’s total textile and garment export value is estimated to reach USD 9.5 billion, an increase of 9.62% compared to the same period last year. Many companies have secured production orders through the end of Q2 and even into Q3/2024, according to the Vietnam Textile and Apparel Association (VITAS).

Surge in Textile and Garment Orders
Textile and garment companies have received numerous new orders, with total export value reaching USD 9.5 billion in Q1/2024. The export value of this sector increased by 15% in the first two months of the year, with a notable 30% increase in January alone. The demand for apparel in the global market is rising, and textile companies have signed orders extending through the end of Q2 and even into Q3/2024.
Challenges and Solutions
Despite the promising growth trajectory, the textile and garment industry still faces several challenges, including political tensions, technical barriers, input costs, and interest rate risks. To achieve an export value of USD 44 billion in 2024, companies are shifting their focus from rapid growth to sustainable development and circular economy practices.
Optimal Solutions Include:
- Investing in Science, Technology, and Human Resources:
- Enhancing technological capabilities and workforce skills to improve efficiency and innovation.
- Diversifying Markets and Products:
- Expanding into new markets and developing a wider range of products to reduce dependence on any single market.
- Regular Market and Input Material Updates:
- Keeping up-to-date with market trends and input material conditions to make informed decisions and adapt quickly to changes.
The Importance of Support Policies
Leveraging every market opportunity, expanding the customer base, and maintaining relationships with key markets such as the US, Europe, and Japan are crucial for the growth and sustainability of the textile and garment industry. Experts suggest that specific policies are needed to support textile material manufacturers, ensuring they have the necessary working capital to accept new orders and recover production.
Vietnam’s textile and garment industry is on a growth trajectory with many positive signals from export markets. However, to maintain and achieve sustainable development, businesses need to continue innovating, diversifying, and seeking appropriate financial solutions. To elevate Vietnam’s textile and garment industry further on the international stage, ensuring supportive policies and optimal solutions is essential.
Sources: https://vneconomy.vn/
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