Vietnam Textile and Apparel Association (VITAS) on November 23 announced that Vietnam’s textile and apparel exports are estimated to top 40 billion USD, about 9% less than that of last year.

Speaking at a press conference announcing a coming conference reviewing the association’s performance in 2023, VITAS Chairman Vu Duc Giang said that this year, Vietnam’s textile and apparel industry sees many major challenges including the global impact of the COVID-19 pandemic and large inventory due to falling demand.

“Despite the decline in exports, the export turnover is still considered a breakthrough demonstrating great efforts of the business community,” Giang said, adding that in 2023, Vietnamese textile and garment products entered 104 countries and territories – a record number of markets.

According to VITAS, the four biggest importers of Vietnamese textiles and garment in 2023 are the US with a turnover of over 11 billion USD, Japan about 3 billion USD, the Republic of Korea 2.43 billion USD, and the EU 2.9 billion USD.

Vietnamese producers have been making efforts to diversify products for export with 36 types of products.

Diversifying markets, products, customers, and partners is a way for Vietnam’s textile and garment industry to reduce its reliance on large markets. New markets have started importing products from Vietnam, helping to affirm Vietnam’s position in the global market, Giang emphasised.

VNA