Garment industry news

Textiles and Garments Rank First in Vietnam’s Top 10 Exports in 2023

Textiles and Garments Rank First in Vietnam's Top 10 Exports in 2023

According to, Vietnam has become the world’s leading exporter of textiles and garments.

Textile and garment exports play an important role in Vietnam’s economy, accounting for about 12.52% of export turnover. This shows the importance and influence of this industry on Vietnam’s commercial activities.

According to a report from the Ministry of Industry and Trade, in August 2023, Vietnam’s textile and garment export turnover is estimated to reach 3.91 billion USD, an increase of 1.26% compared to July 2023.

Vietnam’s textile and garment import and export activities are showing positive signs and will likely recover in the coming months. Recently, partners from Europe, Northeast Asia, and Southeast Asia have come to learn about garment products, which are showing a rapid increase compared to previous months. Exports to the US and EU markets have also improved.

According to the Vietnam Textile and Apparel Association (VITAS), Vietnam’s textile and garment export turnover will still rank among the top 10 most exported products in 2023.

Forecasting Fluctuations in the Textile Market in 2023-2024

The textile and garment industry is very sensitive to global macroeconomic developments. Inflation in the US and EU has both reached a 4-decade high, at 8% and 10% respectively. GDP growth is declining, the scale of the economy is shrinking, reducing employment and income, thereby indirectly affecting spending on consumer goods, including textiles and garments.

According to the base scenario of the world macroeconomy (good scenario), global GDP growth in 2023 is 2.4%. For the Vietnamese market, by the end of the second quarter of 2023, the world macroeconomy will be stable, and the growth of export turnover in 2023 will increase by about 4-5% compared to 2022. In case of bad developments, export turnover may increase by about 4-5% compared to 2022, or it could be about 5% lower than in 2022.

Vietnam continues to rank higher in product quality, labor productivity, and delivery time than countries such as China and Bangladesh. These are important factors for retailers as the economy recovers and demand increases.

With continuous economic development, Vietnam is attracting investors and increasing its presence in global trade. In addition, the business has also been making efforts to promote sustainable activities in the textile industry. The government has initiated plans to improve environmental standards, energy efficiency, and waste management. Sustainable materials such as organic cotton and recycled fibers are increasingly being developed to reduce environmental impact.

Factors such as natural resources (having suitable climatic conditions to grow cotton and natural fibers), an open economy (has implemented economic reforms and actively participated in international trade), low labor costs (helps attract FDI), and stable cross-border trade (which has promoted stable cross-border trade through many agreements), along with investment in infrastructure, skills development, and production capacity, have boosted Vietnam’s textile and garment industry. Vietnam is developing rapidly, attracting major international brands and retailers, and becoming an important source of supply.

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