Vietnam’s textile and garment industry sets an export target of over 45 billion USD in 2023

Market Information
icon date25/07/2023

In recent years, particularly in 2022 when the sector reached a record-breaking 44 billion USD in exports. The President of Vitas, Mr. Vu Duc Giang, shared that this accomplishment was a result of resilience, the hard work and dedication of businesses in the sector.

The textile and garment industry in Vietnam has been making significant investments in technology and innovation to increase efficiency and competitiveness in the global market. The industry’s focus on sustainability and environmental responsibility has also been a major factor in its success.

The government has been supporting the industry through various initiatives, including trade agreements and investment in infrastructure. The continuous growth and success of the textile and garment sector in Vietnam is a positive sign for the country’s economy and the global market as a whole.

Opportunities come to Vietnam from new generation trade agreements

Vietnam’s textile and garment industry has been making remarkable progress in recent years, and more promising with new opportunities from new-generation trade agreements in the future. The recovery of the European-American markets has paved the way for the industry to expand its presence in these key markets.

Prime Minister Pham Minh Chinh’s upcoming trip to Europe is also expected to play a critical role in promoting the implementation of trade agreements with Europe in the textile industry. The Prime Minister’s visit is a testament to the government’s place in this sector and its commitment to supporting the industry’s growth and development.

With the implementation of these trade agreements, Vietnam’s textile and garment industry will have access to new markets and a larger consumer base, accelerating exporting revenue. The industry is well-positioned to take advantage of these opportunities, with a highly skilled workforce and a focus on innovation and sustainability.

In addition, the government’s support for the sector in the form of investment in 

infrastructure and favorable policies has created a conducive environment for the industry to thrive. The future of the textile and garment industry in Vietnam is bright, and the sector is expected to grow impressively in the coming years.

Vietnam should supply textile with more of domestic materials 

Vietnam has been making great strides in its textile and garment industry, but there is still room for improvement. Currently, the country supplies itself 45-47% of the material required for production, with the rest being imported. However, according to Mr. Vu Duc Giang, it is essential to control the amount of raw materials needed to take full advantage of the new generation trade agreements that Vietnam has joined.

One of the criteria for goods from Vietnam to have a zero tax rate is the use of domestic raw materials. Therefore, it is crucial for the country to invest in the production of fibers, yarns, and other raw materials to meet this requirement and enjoy the benefits of these trade agreements. This presents a great motivation for the textile and garment industry to increase its investment in domestic production and attract foreign direct investment.

By investing in the production of raw materials, the textile and garment industry in Vietnam will become more self-sufficient and competitive in the global market, which ensures the long-term viability of the industry and contributes to the country’s overall economic growth and development.

Roadmap for sustainable textile development from fiber and yarn materials

Vietnam is setting its sights on a sustainable future for its textile and garment industry. With a focus on fiber and yarn materials, the country is developing a roadmap for sustainable textile development that will position it as a leader in the industry.

The roadmap outlines several key initiatives that will help the country achieve its goals. The first step is to increase investment in the production of fibers and yarns to reduce its dependence on imports. By developing a strong domestic supply chain, Vietnam can better control the quality and sustainability of its raw materials, which will be critical to meeting the growing demand for eco-friendly textiles.

In addition to increasing investment in the production of fibers and yarns, the roadmap also calls for the adoption of sustainable practices and technologies throughout the entire production process. This includes a focus on reducing waste, conserving energy and resources, and minimizing the impact of production on the environment.

The roadmap also recognizes the importance of collaboration between the government, industry, and academic institutions to achieve its goals. The government will play a crucial role in providing support and incentives for companies that adopt sustainable practices, while the industry will be responsible for implementing these practices and investing in research and development to drive innovation.

Finally, the roadmap highlights the need for a strong commitment to sustainability from all stakeholders, including companies, consumers, and investors. By working together, the country can build a sustainable and competitive textile and garment industry that will benefit both the environment and the economy.

Therefore, the roadmap for sustainable textile development in Vietnam is a promising step towards a greener and more sustainable future for the country’s textile and garment industry. With a focus on fiber and yarn materials, the country is well-positioned to become a leader in the industry and contribute to the global effort to create a more sustainable world.

The textile and garment industry in Vietnam is poised for growth in the near future, evidenced by its impressive performance in 2022. With a commitment to sustainability and a focus on the development of fiber and yarn materials, the industry is well positioned to take advantage of new opportunities and continue to grow in the years to come