According to the Vietnam Textile and Apparel Association, the US remained the biggest importer of Vietnamese textile and garment products with a turnover of over 11 billion USD by the end of September. It was followed by Japan, the EU, the Republic of Korea, Canada, and China.
Diversifying markets, products, customers and partners is a step towards reducing Vietnam’s reliance on large markets. Markets that previously did not import products from Vietnam now do so, affirming the nation’s position in the global marketplace.
According to the Association, 2023 has posed significant challenges, such as the lingering global impact of the COVID-19 pandemic and a large inventory due to decreased demand.
The total export value of the industry last year surpassed 44 billion USD, but with these difficulties, it is expected to decrease by more than 9% this year to over 40 billion USD.
