Projections from the Vietnam Textile and Apparel Association (VITAS) suggest that the country's textile and apparel exports are anticipated to contract 9 per cent this year, reaching $40 billion. Vu Duc Giang, Chairman of VITAS, points out Vietnam faced numerous challenges in its textile and apparel sector in 2023, including the impact of the COVID-19 pandemic and an excess accumulation of inventory.

Despite the expected decline in exports, Vietnam aims to maintain a robust export turnover, having expanded its export destinations to encompass 104 new countries and territories in 2023. VITAS highlights the four primary importers of Vietnamese textiles and garments in 2023, led by the United States with a turnover exceeding $11 billion, followed by Japan with a turnover of $3 billion, the Republic of Korea with $2.43 billion, and the European Union with $2.9 billion.

In response to market dynamics, Vietnamese producers are planning to diversify their export portfolio by incorporating 36 different types of products.