Vietnam’s garment-textile export value is projected to reach $44 billion in 2024, an 11.26% increase compared to 2023, according to the Vietnam Textile and Apparel Association (VITAS). Import turnover is estimated at $25 billion, up 14.79%, leading to a trade surplus of $19 billion, a 6.93% rise year-on-year.
VITAS President Vu Duc Giang highlighted that many companies in the sector have secured growing orders for 2024 and 2025. Despite global challenges such as fluctuating shipping costs, sluggish trade recovery, and reduced investment, Vietnam’s garment-textile industry has sustained robust growth.
Looking ahead to 2025, the industry targets export turnover of approximately $48 billion. This ambitious goal, based on extensive research and market trends, reflects expectations of abundant orders compared to 2024. However, Giang warned of significant hurdles, including limited opportunities for large-scale orders, stagnant prices, and slow consumer demand recovery. Companies will also grapple with low order prices, rising input costs, evolving brand purchasing practices, and stricter regulations on payments and production volumes.
Further challenges include the growing emphasis on sustainable production and local sourcing of raw materials. Pressure from major export markets like the EU necessitates compliance with stringent labour standards, traceability requirements, and low carbon emissions targets.
Nguyen Xuan Duong, Chairman of the Hung Yen Garment Corporation, noted that while exports are expected to hit $44 billion in 2024, exports to the EU remain modest. A key constraint is the industry’s reliance on imported raw materials, primarily from China and non-FTA countries. To maximise the benefits of the EU-Vietnam Free Trade Agreement (EVFTA), Duong urged authorities to address this issue by fostering domestic raw material production and planning large industrial zones to attract investment.
Additionally, textile enterprises must invest in technology, automation, and renewable energy to enhance production efficiency and meet the growing demand for green certifications. Such efforts are vital for securing orders in competitive global markets and aligning with increasingly stringent sustainability standards.
