On November 19, in Hanoi, during a press conference marking the 25th anniversary of the association's founding and the summary of 2024, Mr. Vu Duc Giang, Chairman of the Vietnam Textile and Garment Association, shared key figures about the industry amidst the continued global economic difficulties.
Despite the ongoing complexities in the world and slow economic recovery, Vietnam’s textile and garment industry has maintained steady growth.
Specifically, Vietnam's textile and garment export turnover is forecast to reach $44 billion in 2024, an increase of 11.26 percent compared to 2023. Notably, the trade surplus is projected to reach $19 billion, a 6.93 percent increase from the previous year. Imports are also expected to total $25 billion, up 14.79 percent.
These figures reflect a strong recovery in Vietnam’s textile and garment sector, even as the global economy has not yet fully recovered.
The United States remains Vietnam’s largest export market, with estimated exports reaching $16.71 billion, up 12.33 percent, accounting for nearly 38 percent of the total export turnover. Other markets are also seeing steady growth, such as Japan ($4.57 billion, up 6.18 percent) and the EU ($4.3 billion, up 7.66 percent).
However, while the textile and garment industry is expected to continue its strong growth in 2024, global uncertainties—such as trade protectionism, supply chain disruptions, and raw material price fluctuations—could create significant challenges for businesses in the sector.
As a result, in addition to efforts to maintain and expand markets, textile and garment businesses must focus on improving technology and increasing the added value of their products to meet the rising demands of international markets.
