Vietnam Textile & Garment Exports Expected To Prosper In 2024
Vietnam’s textile and apparel exports to the US market are expected to prosper in 2024, as Vietnamese textile and garment exporters already have orders in hand till end of first quarter of 2024.
According to a VinaCapital Group report, export orders are expected to rise in 2024, as inventories with US clothing brands and retailers dipped 5-7 percent at 2023-end when compared with end of 2022.
The report added that apparel exporters have reported having orders in hand which will last them towards the end of March 2024.
Not only that, many garment brands and retailers have committed to continuing to place more orders in the second quarter to the fourth quarter of 2024.
“However, assessments also reveal that Vietnam’s garment exports to the US will only slightly recover this year, partly because of outstanding US credit debt which has risen by 40 percent in the past two years,” the report added.
“This will impact and limit consumer spending in the US market,” VinaCapital Group observed in the report.
The Vietnamese textile and garment industry has set a target to achieve US $44 billion in exports in 2024, an increase of 9.2 percent compared to 2023.
