Textile and garment exports are likely to hit 44 billion USD this year, said Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang.

Although the garment and textile industry is witnessing new export growth, the sector still faces challenges due to increasing market and customer demands, requiring them to leverage the industry’s position in the world market, according to experts.

The majority of garment companies of the Vietnam Textile and Garment Group have enough orders until the end of the year and are currently negotiating orders for early 2025.

The garment and textile industry expects to see robust growth in the second half of this year, with rising orders and improving consumption demand.

The garment industry says its goal of earning US$44 billion from exports this year is likely to be within reach as many garment makers have secured export orders till the end of the third quarter, plus sound performance in the first quarter.

The flow of foreign direct investment (FDI) into the Vietnamese garment and textile sector has rebounded thanks to the country’s sound investment climate and abundant workforce as well as its open economy, according to insiders.

Expanding customer bases and diversifying products are the necessary solutions to maintain production and grow businesses, experts say.

Vietnam's textile and garment industry has not been able to fully capitalize on the advantages and potential of FTAs, according to the Ministry of Industry and Trade (MoIT).

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.

Garmex Sai Gon (GMC) has reported big losses and cut its workforce. Other garment companies are also facing difficulties.

Statistics of the General Department of Customs showed that the export of garments fell by 12.9% to US$27.7 billion in the first ten months of this year, and that of footwear by 18.3% to US$16.4 billion.

Vietnam's garment and textile industry sets the goal for export revenue at $44 billion in 2024.

Garment and textile firms are urged to flexibly implement measures to bring into full play market opportunities and promote growth, so as to fulfil the set goal of over 40 billion USD in export revenue this year.

Việt Nam's textile and garment industry expects to have a better performance in production and business in the fourth quarter.

The garments and textiles industry is showing signs of improvement as recovery in key export markets leads to a boost in orders.

The green transition has been increasingly implemented by businesses in VN for the past five years.

Vietnamese garment enterprises are facing more competition as well as stricter quality and environmental standards in the global market.

The slowdown of global economic growth has affected manufacturing activities across industries, including textiles.

Experts agree that improving textile production, fashion design and localization is needed for the long-term development of the domestic garment sector.