Attending the fair, Detlef Braun, the Member of Executive Board of Messe Frankfurt, said that the 400 businesses span across the entire value supply chain of the textile industry, including fiber, technology, dyeing, finished fabric, design and garment and so on.
VIATT 2024 gathered numerous foreign businesses, especially top-rated textile manufacturing companies from the United Kingdom, Germany, Italy, the United States, Switzerland, Japan, the Republic of Korea, Hong Kong (China), Taiwan (China) and China.
The huge potential for development of the textile industry in Vietnam is likely to bring a large scope for growth for businesses. Especially, Vietnam's membership of international 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) shows more positive signals for the growth of the textile industry in the near future.
Currently, Vietnam is the third largest exporter of textiles and garments in the world.
With a favorable environment and optimistic signals for business, many international textile manufacturers showed their expectations to expand operations and investment in Vietnam.
Speaking at the event, Deputy Minister of Industry and Trade Phan Thi Thang said that the textile and garment industry has played an increasingly major role in the country’s growth during passing years.
As for exported industrial products, the textiles and garment sector has a high export turnover and growth rate and has become one of the key export industries in the growth of the country’s economy, accounting for 12 percent to 16 percent of the country's total export turnover.
The United States has maintained its position as Vietnam's largest garment export market, followed by Japan, the Republic of Korea and the European Union (EU).
Vietnam has exported a significant amount of textiles and garment products to Canada, China, the UK, Australia, Russia, Indonesia, Thailand, Hong Kong (China), India and other countries.
From the beginning of the year until now, the export turnover of the textile and garment sector reached US$4.9 billion, an increase of 17 percent over the same period in 2023. Many factories have resumed operation after the Lunar New Year (Tet) holiday with a high rate of workers returning to work.
According to her, the textile and garment sector set a target of US$44 billion in export turnover, up nine percent compared to last year.
The VIATT 2024 is an opportunity for exhibitors and traders to use global business connection services to access new markets and seek orders.
Apart from trade connection activities, there are over 14 thematic seminars, aiming to help textile and garment businesses access trends and market access strategies for textile and nonwoven technology and other issues related to sustainable development.
The VIATT 2024 will last until March 1.
