Vietnam’s textile and garment products have been exported to 104 countries and territories this year – a record number, said Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang.
According to the association, the US remained the biggest importer of Vietnamese textile and garment products with a turnover of over $11 bn by the end of September. It was followed by Japan with about $ 3 bn, the EU with $ 2.9 bn, the Republic of Korea with $ 2.43 bn, Canada with some $ 850 mn, and China with $ 830 mn.
Businesses have undergone significant changes but they have made efforts to diversify their export products with 36 items. During the period, jackets remained the top export earner by reeling in more than $ 4.38 bn, followed by trousers with over $ 3.85 bn, and shirts with $ 1.87 bn. Diversifying markets, products, customers and partners is a step towards reducing Vietnam’s reliance on large markets, Giang said. Markets that previously did not import products from Vietnam now do so, affirming the nation’s position in the global marketplace.
According to VITAS, 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 bn, but with these difficulties, it is expected to decrease by more than 9% this year to over $ 40 bn.
Despite the export decline, such turnover, given the challenges this year, is considered a breakthrough and demonstrates the tremendous efforts of the business community. The Vietnamese garment and textile sector has made breakthroughs in both terms of export markets and products, Giang noted.
