
TEXTILE, GARMENT INDUSTRY TARGETS US$44 BILLION EXPORT TURNOVER NEXT YEAR
Export turnover of the textile and garment sector is expected to reach US$44 billion in 2024, up 9.2 percent against 2023, according to the Viet Nam Textile and Apparel Association (VITAS). This year, the sector's export value is projected to fall by 9.2 percent year on year to US$40.3 billion due to decrease in orders and price as well as fiercer competition, said VITAS President Vu Duc Giang.

HIGH COSTS HURDLE TO RECYCLING IN TEXTILES
Textile producers see recycling as the go-to solution to the environmental woes in the industry, but they are facing some obstacles to turning waste into value. Hứa Phú Doãn, Deputy Director of the Việt Nam Waste Recycling Association, underlined several obstacles in the way of producers trying to recycle waste.

VIETNAM, ROK STRENGTHEN TEXTILE COOPERATION
Seoul – The Vietnam Textile and Apparel Association (VITAS) and the Korea Federation of Textile Industries (KOFOTI) have signed a memorandum of understanding (MoU) to strengthen bilateral cooperation, KOFOTI announced on August 24.

TEXTILE APPAREL SECTOR LOSING ADVANTAGE IN PRICE COMPETITION
Many producers in the textile apparel sector are on tenterhooks as export orders are increasingly shifting to other countries like Bangladesh or India for more favourable pricing. Thanh Cong Textile Garment Investment and Trading JSC (TCM) incurred shortages of export orders from the second quarter (Q2) of this year, leaving its factories running below their capacity.

70,000 GARMENT AND TEXTILES JOB CUTS SINCE JANUARY
According to a report of the Ministry of Labour, Invalids and Social Affairs (MoLISA) released on June 5, workers in the garment and textile sector suffered the most from a series of job cuts in the first five months of this year, with 70,000 workers losing their jobs and 66,600 having their working hours reduced.

LISTED TEXTILES ENTERPRISES FACE NEGATIVE PROSPECTS THIS YEAR
In the first quarter of the year, Vietnamese textile and garment exports decreased nearly 18 per cent on-year to more than US$7 billion, according to General Department of Vietnam Customs statistics.

APPAREL FIRMS SCALING DOWN BUSINESS TARGETS
Many apparel, textile and spinning firms are setting 2023 business targets far below last year's figures amid gloomy market conditions and sinking orders. In the first four months of this year, textile apparel exports were hit by an economic slump and high inflation on a global scale, leading to a 19.3 per cent plunge in value on-year, falling to $9.57 billion.

GARMENT EXPORTS EXPECTED AT MORE THAN $45 BILLION IN 2023: ASSOCIATION
The Vietnam Textile and Apparel Association (VITAS) forecast garment exports to reach more than USS$45 billion in 2023, higher than this year value of $44 billion, driven by the opportunities provided by new-generation free trade agreements (FTAs).