Vietnam aims 6% rise in exports in 2024, 9.2% hike in textile exports
17 Jan 24 2 min read
Insights
- Vietnam aims to raise exports by 6 per cent this year, recording a trade surplus for nine consecutive years.
- Its textile industry aims for an export turnover of $44 billion this year—a 9.2 per cent year-on-year rise.
- Challenges to exports like trade protectionism, defence mechanisms and barriers in multiple countries continue, the government noted.
The country’s textile industry aims for an export turnover of $44 billion this year—a 9.2 per cent rise over last year’s $40.3 billion, said chairman of the Vietnam Textile and Apparel Association (VITAS) Truong Van Cam.
Crucial to achieving this target are capitalising on free trade agreements (FTAs), signing deals with new markets like Israel or the United Arab Emirates, attracting foreign investment and continuing strong political ties with the United States, China and the European Union (EU) that have created momentum for economic, trade and investment partnerships, the ministry feels.
Orders from the United States are likely to rise as it does not have very high inventories and the Federal Reserve is considering lowering interest rates.
- Vietnam to continue focus on Northeast Asian markets to boost exports
- Turkiye’s exports to Israel drop dramatically; apparel shipments hit
- Lenzing again honoured with Vienna Stock Exchange Sustainability Award
- India’s Gimatex launches innovative Siro Compact & CVC yarns
- LMW showcases latest innovations at ITM 2024 Turkiye
- Vietnam’s rank up 5 spots in Southeast Asia’s Green Economy 2024 index
However, challenges like trade protectionism, defence mechanisms and barriers in multiple countries continue, the ministry noted.
The Agency of Foreign Trade will support firms in utilising FTAs to boost exports and switch to official export channels with effective branding; expanding markets and boosting consumption; and getting them updated on changes in export policies, according to a report in a Vietnamese media outlet.
Vietnamese businesses are still struggling with supply chain difficulties and high input prices as well.
Fibre2Fashion News Desk (DS)
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