Vietnam Sets Ambitious US$ 47-48 Bln Export Target For 2025
The Vietnam Textile and Apparel Association (VITAS) has set an ambitious export goal of US$ 47-48 billion for 2025, supported by strong 2024 achievements and encouraging market signals. Many businesses have already secured orders for Q1 2025 and are in negotiations for Q2.
Despite stagnant global consumption of textile and garment products in 2024, Vietnam’s exports recorded positive growth. VITAS Chairman Vu Duc Giang attributed this success to Vietnam’s robust production capacity, social and political stability, and its status as a preferred alternative supply source for international buyers.
Vietnam’s efforts to diversify markets, build customer partnerships, and expand export products have been highly effective. The country now exports textiles and garments to over 100 markets, including traditional destinations like the US, EU, Japan, China, and ASEAN, as well as emerging markets in Africa and the Middle East.
The implementation of free trade agreements (FTAs) has also bolstered Vietnam’s textile industry. Notably, the Vietnam-Eurasian Economic Union Free Trade Agreement (VN-EAEU FTA) has driven a significant increase in exports to Russia, which surged to $1 billion in 2024.
Experts from SSI Securities Corporation highlighted Vietnam’s competitive advantages, such as lower labor costs compared to China, favorable import tariffs in the US, and a more skilled workforce than India and Bangladesh. This positions Vietnam to continue benefiting from the shift in global orders away from China.
Tran Nhu Tung, Chairman of the Board of Directors at Thanh Cong Textile Garment – Investment – Trading JSC and Vice Chairman of VITAS, projected a 10% growth rate for Vietnam’s textile sector in 2025, with export turnover expected to reach US$ 47-48 billion.
To achieve this target, Tung emphasized the need for technological innovation, digital transformation, increased financial investment, and enhanced workforce quality to boost competitiveness in global markets.
