June 22, 2024

Vietnamese Textile & Apparel Sector Sees Growth In Export Orders

The Vietnamese textile and apparel industry is seeing a rise in orders from its major export markets and so is optimistic about the reaching export target of US $44 billion set for 2024.

A majority of exporters have reported that they have received orders for production until May 2024.

The Garment 10 Corporation JSC said that along with orders until May, it is negotiating for more orders to ensure it reaches its revenue target of VNĐ 4.5 trillion and VNĐ 130 billion in profit.

“The recent increase in orders reveals that the textile and apparel industry is recovering and the market is heating up,” Chairman of the Vietnam Textile and Apparel Association (VITAS) Vũ Đức Giang added.

However, Chairman of Vinatex Lê Tiến Trường expressed caution and said that the market will continue to experience uncertainty depending on developments in the US, EU, China and Japan.

In 2024, total global demand for textiles and clothing is forecast to reach $714 billion, a slight hike over the previous year, but still below 2022.

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