Vietnam’s Garment-Textile Exports Set To Reach US$ 44 Billion In 2024
Vietnam’s garment-textile exports are projected to hit US$ 44 billion in 2024, marking an 11.26% increase from 2023, according to the Vietnam Textile and Apparel Association (VITAS). Imports are estimated at US$ 25 billion, up 14.79%, resulting in a trade surplus of US$ 19 billion, a 6.93% rise over the previous year.
VITAS President Vu Duc Giang highlighted strong growth in orders through 2025 despite global challenges like fluctuating shipping costs, slow trade recovery, and reduced investment. The sector targets US$ 48 billion in exports for 2025, driven by abundant order volumes.
However, Giang cautioned that the industry faces key challenges, including stagnant prices, slow consumer demand recovery, rising input costs, and stricter sustainability standards. Brands’ evolving purchasing practices, combined with new production regulations, will further intensify pressures.
Nguyen Xuan Duong, Chairman of Hung Yen Garment Corporation, noted that while Vietnam’s export growth is promising, exports to the EU remain limited due to heavy reliance on raw material imports from China and non-FTA countries. Duong urged the development of local raw material supply chains and large industrial zones to leverage tariff benefits under the EVFTA.
To remain competitive, Vietnamese firms must invest in technology, automation, and robotics to enhance efficiency. Additionally, adopting energy-saving measures and utilizing renewable energy will be critical for achieving green certifications, increasingly essential for large global orders.
Vietnam’s garment-textile sector must navigate these challenges to sustain its growth and competitiveness in global markets.
