According to the Vietnam Textile and Apparel Association (VITAS), textile and clothing exports are expected to reach US$44 billion in 2024, an increase of 11.3% over the previous year.
In 2024, textile and clothing exports are expected to increase by 14.8% over the previous year to US$25 billion. The trade surplus of Vietnam's textile and clothing industry is expected to increase by about 7% over the previous year to US$19 billion.
In 2024, the United States is expected to become the largest country for Vietnam's textile and clothing exports, reaching US$16.7 billion (share: about 38%), followed by Japan (US$4.57 billion, share: 10.4%) and the European Union (US$4.3 billion), share: 9.8%), South Korea (US$3.93 billion, share: 8.9%), China (US$3.65 billion, share: 8.3%), followed by Southeast Asia (US$2.9 billion, share: 6.6%).
The reasons for the growth of Vietnam's textile and clothing exports in 2024 include the entry into force of 17 free trade agreements (FTAs), product and market diversification strategies, strengthening corporate management capabilities, starting from China, and the transfer of orders to Vietnam. Sino-US dispute and domestic clothing. This includes meeting the company's environmental standards.
According to the Vietnam Textile and Apparel Association (VITAS), Vietnam's textile and clothing exports are expected to reach US$47 billion to US$48 billion by 2025. The Vietnamese company already has orders for the first quarter of 2025 and is negotiating orders for the second quarter.
However, Vietnam's textile and clothing exports face problems such as stagnant unit prices, small orders, short delivery times, and strict requirements.
In addition, although recent free trade agreements have strengthened rules of origin, Vietnam still relies on importing large amounts of yarn and fabrics from foreign countries, including China.
Post time: Dec-27-2024