Vietnam’s apparel-textile sector is set to earn an export revenue of $44 bn this year, up 11% year-on-year, and will likely surpass Bangladesh to become the world’s second-biggest exporter in the sector.
Cao Huu Hieu, CEO of Vietnam National Textile and Garment Group (Vinatex) – the country’s biggest garment maker, made the statement recently in a press meeting. He stressed that the sector’s performance was weak in the first half of 2024 as the global economy underperformed and the sector received few orders with strict conditions. However, the sector recovers and thrives in the second half of this year, not thanks to the growing demand, but because of the political issues in Bangladesh promoting firms to make orders in Vietnam. This is a “fortune” for the sector amid challenges, he added.
The trend can continue helping Vietnam as many firms have received orders for the first quarter of 2025, even for April and May 2025. India is the biggest beneficiary of this relocation, Hieu emphasized. He also noted that China remains the world’s biggest apparel-textile exporter. Besides, Hieu noted challenges for the sector, including instability and conflicts in many countries, high sea freight costs, sluggish global economy, climate changes and natural disasters, and energy security.
For 2025, Vinatex expects that Vietnam can earn $45-46 billion from exporting apparel-textile goods. Apparel-textile is Vietnam’s fourth-biggest source of export revenue, only behind electronics, computers and components; phones and components; and machinery-equipment, according to the General Statistics Office.
