This initiative was part of the International Trade Exhibition on Garment, Textile and Textile Technology (VIATT 2024), held from February 28 to March 1 in Ho Chi Minh City.
According to Mr. Le Hoang Tai, the growth of Vietnam's textile industry in 2023 decreased by 9 percent compared to the previous year, with export turnover reaching over US$40 billion. Besides objective factors such as geopolitical conflicts, rising inflation, and a significant drop in global purchasing power due to tightened consumer spending, the trend of green trade, along with various new technical barriers, also contributed to the reduction in export orders for businesses.
Hence, in order to reach the target of surpassing $44 billion in export turnover by 2024, the Ministry of Industry and Trade has been actively engaging with more than 400 businesses from 16 countries—key export markets for Vietnam, including Europe, the United States, and China—since the early days of the year to support enterprises in recovering orders and expanding their export market presence.
The development orientation of Vietnam's textile industry is steadily advancing towards production methods that yield higher value-added. Looking ahead to 2035, the majority of value in textile exports is projected to stem from Vietnamese-branded products.
Achieving this transition requires resolute commitment from enterprises to embrace sustainable, eco-friendly manufacturing practices, digital transformation, and the utilization of recycled materials. Moreover, enterprises must undergo substantial shifts in production, leveraging scientific and technological advancements to lower costs, boost productivity, and deliver quality products that suit prevailing market trends.
From a different perspective, Ms. Wendy Wen, CEO of Messe Frankfurt Hong Kong, also noted that numerous international textile manufacturers have already begun or are in the process of expanding their operations into Vietnam, further bolstering the growth of the already thriving domestic industry.
Additionally, Vietnam's participation in new-generation free trade agreements such as the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the EU-Vietnam Free Trade Agreement (EVFTA) continues to provide positive foundations for the industry's development in the upcoming time.
