Vietnam textile sector bullish on hitting $44 bn export target

This is as per media reports, which added most businesses have secured orders until May, with plans to negotiate for future orders to meet yearly revenue and profit goals.

Garment 10 Corporation JSC, for instance, is actively seeking orders beyond May to reach its revenue target of VNÐ 4.5 trillion and a profit of VNÐ130 billion even as Vinatex — the Vietnam National Textile and Garment Group (Vinatex) is a large Vietnamese textile company, and one of Vietnam’s largest companies overall — aims for a revenue of VNÐ17.53 trillion, a 3 per cent increase from 2023, with a 10 per cent rise in profit to VNÐ 415 billion.

Despite a sluggish global economy, the sector predicts a modest growth in total demand for garments and textiles, projected at $714 billion.

However, uncertainties persist due to developments in major markets like the US, EU, China, and Japan.

Vu Ðuc Giang, chairman of Vietnam Textile and Apparel Association (VITAS), highlighted the sector’s rebound and warming market, signalling a shift towards sustainable and circular business models to achieve long-term export goals.

Emphasising science, technology, and human resources development, the sector plans to invest in high-tech projects, eco-friendly materials, and fashion trends even as diversification remains crucial, along with the adoption of automation to meet market demands efficiently as the industry aims to enhance the domestic value chain, elevate its global supply chain position, and ensure timely deliveries.

The focus until 2030 is on sustainable development, followed by a transition to circular economy practices in the subsequent years.

By aligning with global trends and emphasising innovation, the garment and textile sector in Vietnam is poised for continued growth and competitiveness.

Fibre2Fashion News Desk (DR)