Textile and garment exports are on the path to recovery with impressive growth figures. In particular, businesses are currently receiving a “rain” of orders for 2025.
Flexibly take advantage of the “golden” opportunity to accelerate
According to information from the Vietnam Textile and Apparel Association, textile and garment exports in 2024 will reach more than 44 billion USD, an increase of more than 11% over the previous year. With this figure, our country has surpassed Bangladesh to reach the second position after China in total export turnover.
Sharing with VTV Times reporter about the export picture of the textile and garment industry in 2024, Mr. Truong Van Cam – Vice President and General Secretary of the Vietnam Textile and Apparel Association (Vitas) said that the export of this industry will begin to recover from mid-2024 when the world economy “warms up”. It is estimated that in 2024, the total world textile and garment demand will reach about 794 billion USD, an increase of nearly 3% compared to 2023. Currently, our country has the fastest growth rate among textile and garment exporting countries. Vietnamese textile and garment products have expanded exports to 104 markets as well as diversified customers and products.
From a business perspective, Mr. Le Tien Truong – Chairman of the Board of Directors of Vietnam National Textile and Garment Group (Vinatex) shared that most of the group’s member enterprises had strong growth in the second half of 2024. The group’s consolidated revenue in 2024 is estimated at VND 18,100 billion, equal to 102.8% compared to 2023. Consolidated profit is estimated at VND 740 billion, equal to 137.5% compared to 2023. In particular, Duc Giang Joint Stock Corporation is estimated to have revenue of about VND 2,396 billion, pre-tax profit increased by 26%, reaching VND 24 billion.
In addition, Mr. Than Duc Viet – General Director of May 10 said that in 2024, the total revenue of this enterprise will reach nearly 4,700 billion VND, an increase of 11% compared to the plan, an increase of 10% compared to 2023. Pre-tax profit will reach 131.5 billion VND, an increase of 14% compared to the plan, an increase of 7% compared to 2023.
“The year 2024 has passed with many victories for the Vietnamese Textile and Garment industry in general and the Vietnam Textile and Garment Group in particular. Enterprises have flexibly and promptly taken advantage of the “golden” opportunities in the last 6 months of the year to successfully complete the results of the whole year 2024, exceeding the set target, bringing the domestic Textile and Garment industry to a new growth level on the world textile and garment map. This is a solid foundation for Vietnam’s textile and garment exports to continue to achieve high growth in 2025″, Mr. Truong emphasized.
Welcoming a “rain” of orders at the beginning of 2025
Commenting on the prospects for 2025, Mr. Cam said that the growth signal of the textile and garment market is getting better and better as some key import markets such as the US, EU, Japan, etc. are continuing to record economic recovery, increased consumer demand, and sharply reduced inventories. “Usually, at the end of the year, the demand for garments increases sharply, along with factors affecting the world economy or the weakness and instability of competitors; the large shift of orders from China, Bangladesh, Myanmar to Vietnam, etc. is a great opportunity for textile and garment enterprises to receive a “rain” of orders right from the beginning of 2025. In fact, up to now, many member enterprises of the association said that they have had quite a few orders for 2025,” Mr. Cam emphasized.
According to Vinatex leaders, many units currently have orders until the second quarter of 2025, even until the third quarter of 2025, and continue to negotiate orders for the whole year. “It is expected that the unit prices of textile and garment orders are gradually improving, with a tendency to increase again when consumer demand in major markets improves during the holiday shopping season. The Vietnamese textile and garment industry is facing great market opportunities and continues to be a bright destination on the world textile and garment map. It is forecasted that the total world textile and garment demand in 2025 will reach 850 billion USD, and Bangladesh’s textile and garment exports may recover from July 2025. Vietnam’s textile and garment exports in 2025 may reach nearly 46 billion USD, an increase of 6% compared to 43.5 billion USD in 2024,” Mr. Truong further emphasized.
In that context, many textile and garment enterprises are striving to improve their capacity to seize opportunities most effectively. In building the 2025 production and business plan, Mr. Truong said that Vinatex has provided orientations for units with specific input factors such as labor – wages, exchange rates – interest rates, order shifting trends, factors affecting Vietnam’s textile and garment exports… According to Mr. Truong, in the first quarter of 2025, many Vinatex enterprises will focus on implementing key solutions including promotion, sample sewing and quick sales to potential customers; in parallel with implementing production of received orders.
However, according to Mr. Truong, to affirm its position and increase sustainable orders in the coming time, textile and garment enterprises need to strengthen digital transformation, invest in automatic machinery and equipment, move towards green textiles, cut costs to the maximum to improve product quality, increase competitiveness in the market and have plans to develop and expand new markets in the Middle East, South America…/.