The strong recovery of textiles

On February 23, Vietnam Trade Promotion Agency (Ministry of Industry and Trade) held a press conference to introduce the Vietnam International Trade Fair for Apparel, Textiles and Textile Technologies 2024 (VIATT 2024).

Sharing at the press conference, Le Hoang Tai - Deputy Director General of the Vietnam Trade Promotion Agency shared the current status of the Vietnamese industry. "In 2023, Vietnam's textile and garment production and export will face many difficulties, and the total export turnover of this entire industry will decrease by more than 9% compared to 2022, reaching USD 40.324 billion. However, with the prospect of world economic recovery as well as forecasts of Vietnam's economic situation, the textile and garment industry has set a goal of striving to increase the export turnover of the entire industry in 2024 to USD 44 billion, an increase of 9.2% compared to 2023.

Le Hoang Tai, Deputy Director of the Trade Promotion Department (Photo: Cong Thuong)

Demonstrating the recovery of this industry, Tai pointed out, the positive upswing for Vietnam. "Up to now, many international textile and garment manufacturers have been expanding their operations to Vietnam, promoting the already strongly growing domestic industry. Furthermore, being a member of new generation Free Trade Agreements such as the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), EU - Vietnam Free Trade Agreement (EVFTA) continue to be positive foundations for the development of the industry in the coming time.

"By early 2024, global textile and garment manufacturers and supply chains will continue to choose Vietnam as the place to produce and place orders, showing that Vietnam has certain strengths in the textile and garment field," said Tai.

Besides, Tai also said there are still certain difficulties that textile and garment enterprises must face in 2024. For example, although there are signs of export growth returning, there are still risks in the supply chain, digital transformation trends, circular economy, and greening.

Regarding the transformation according to the above trend, Vietnamese textile and garment industry enterprises are currently implementing it step by step. However, according to Tai, this transition process needs strong determination from businesses in sustainable production, greening, and digital transformation, using recycled materials... To do this, forcing businesses to make drastic changes in production, applying science and technology to reduce costs and improve productivity to create quality products in line with trends.

Support businesses for comprehensive development

Accompanying and supporting businesses, Tai said that at the end of March 2023, the Vietnam Trade Promotion Agency and Messe Frankfurt Group signed a Memorandum of Understanding (MOU) of cooperation. Immediately afterward, the two sides announced the coordination to organize the Vietnam International Trade Fair for Apparel, Textiles and Textile Technologies 2024 (VIATT 2024) to serve the comprehensive development of the textile value chain.

At the press conference (Photo: Cong Thuong)

About VIATT 2024, Wendy Wen - CEO of Messe Frankfurt Hong Kong Company said that VIATT 2024 has a scale of over 500 booths on a total area of 15,000 m2 of more than 400 domestic and international businesses from 16 countries and territories around the world such as England, Germany, Bulgaria, Italy, United States, Switzerland, Japan, South Korea, Hong Kong, Taiwan, Thailand, Indonesia, India, Pakistan, China. In particular, the exhibition will have the prominent appearance of pavilions of countries/territories from Japan, Korea, Taiwan, Thailand, and Pakistan.

This international trade exhibition in Vietnam in the specialized fields of fibers, fabrics and textile accessories, apparel, home textiles, textile technology, and sewing machines was jointly organized for the first time in Vietnam.

“VIATT 2024 exhibition is a “springboard” and creates favorable conditions for Vietnamese textile and garment enterprises to have the opportunity to participate in trade with businesses around the world, and form a chain of links and open up new business cooperation opportunities for businesses" - Tai stressed.

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