Vietnam's textile and garment industry eyes $48 bln export target for 2025

The textile and garment industry plans to record $47-48 billion from export in 2025, Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang told a press conference on November 19, according to the Voice of Vietnam.

To achieve the ambitious export target, Mr. Giang cited several key factors, including opportunities arising from the shift of orders to Vietnam amidst stagnant global consumption.

The Government's textile and garment development strategy, aiming to bring Vietnamese textile brands to the world, stands as a significant driving force behind the industry's growth from 2025 to 2030, exceeding expectations in both domestic and global markets.

According to Mr. Giang, textile and garment export turnover in 2024 is estimated at $44 billion, reflecting an 11.26% increase compared to 2023. Meanwhile, import turnover is projected at $25 billion, a 14.79% increase, resulting in a trade surplus of $19 billion, a 6.93% increase compared to 2023.

The US remains Vietnam's leading export market in 2024, with an estimated turnover of $16.71 billion, marking a 12.33% increase compared to 2023 and accounting for 37.98% of the total. Japan, the EU, South Korea, China, and the ASEAN follow as significant markets.

The VITAS chairman attributed the positive results in 2024 to VITAS' significant policy advocacy efforts, which helped businesses overcome difficulties. This was bolstered by in-depth domestic and international trade promotion activities aimed at expanding export markets and diversifying customers and product lines.

He also highlighted several advantages for Vietnam's textile and garment industry in 2024. Seventeen out of nineteen new-generation Free Trade Agreements (FTAs) have come into effect, creating a global market that offers significant benefits to Vietnam's textile sector.

Furthermore, the industry has rapidly adopted a strategy of market and customer diversification, as well as the production of high value-added products. The sector has also effectively integrated automation technology, digital management, and adapted well to the green and sustainable standards required by various export markets.