Vietnam is home to one of the largest textile and garment industries in the world. The strategic location of the country, labour costs, a large port system and the ability to produce an array of high-value products makes it a key player in the sector.
As per the Vietnam Textile and Apparel Association (VITAS), Vietnam earned US $ 36.11 billion from garment and textile exports in the first 10 months of the year, marking a 9.86 per cent year-on-year growth. In October, export earnings surged by 10.7 per cent month-on-month, reaching US $ 3.86 billion.
Despite the increased expectations from major markets like the US and Europe, the garment and textile industry is optimistic about the impending holiday season. It is anticipated that the Christmas season will significantly boost export businesses’ revenue growth, particularly in the textile sector.
Vietnam is now in a favourable position, ready for the forthcoming holiday season, thanks to a reduction in inventory in major markets like the US, Japan, and Europe, a shift in orders from Bangladesh, China, and Myanmar to Vietnam, and a gradual increase in partner orders and consumer needs.
Chairman of the Board of Directors of the Vietnam National Textile and Garment Group (Vinatex), Le Tien Truong, stressed on the fact that Vietnam is benefiting from the political instability in competing neighbors- Myanmar and Bangladesh. Notably, garment industries have already secured orders for the second and third quarters seeing the promising opportunities in Vietnam.
As the year draws to a close, Vietnam’s textile exports are increasing, with growth accelerating recently, according to Vu Duc Giang, Chairman of VITAS. Emerging markets like ASEAN, Russia, and Canada are rapidly developing into exciting new frontiers for increasing production and exports, even as major markets like the US, EU, Japan, and China continue to fuel steady growth.
As the holiday season draws near, clothing manufacturers are working to satisfy the high expectations of their partners and customers by expanding their consumer bases, enhancing their product lines, and introducing new items with distinctive designs and materials.