In a recent report by the Vietnam Textile & Apparel Association, it has been revealed that Vietnam experienced a decrease of 10% in garment and textile exports last year, with total exports reaching $39.5 billion. Despite this decline, the country achieved a milestone by exporting its textile and garment products to a record number of 104 countries and territories in 2023.
The United States, Japan, the European Union, the Republic of Korea, China, and Southeast Asia were identified as the primary markets for Vietnamese garment and textile exports. However, the industry is also exploring opportunities in newer markets such as Africa and Russia.
Looking ahead to 2024, the Vietnam Textile & Apparel Association anticipates several challenges for the industry. This includes the implementation of extended producer responsibility and the EU’s carbon border adjustment mechanism. Moreover, the industry aims to shift its focus from “fast fashion” to a strategy of “sustainable fashion” to address growing environmental concerns.
