Việt Nam becomes second biggest garment exporter globally
Việt Nam becomes second biggest garment exporter globally
Việt Nam’s garment and textiles export is projected to hit nearly US$44 billion this year, positioning the country as the world’s second biggest exporter, only behind India, said General Director of the Việt Nam National Textile and Garment Group (Vinatex) Cao Hữu Hiếu.
At a meeting in Hà Nội on December 25 to review Vinatex’s business operations and outline plans for 2025, Hiếu said Vinatex will pursue sustainable development across environment, society, governance and finance (ESGF) next year.
Specifically, it will renew management practices through digital transformation and the adoption of best corporate governance models, including the integration of automation technology and artificial intelligence which is also meant to reduce reliance on labourers.
Deputy Chief of the Vinatex Office Hoàng Mạnh Cầm highlighted the positive growth signals emerging from major import markets like the US and EU, where economic recovery and increased consumer spending are creating a promising outlook for the textile and garment industry.
He also pointed out the significant opportunity presented by the shift of orders from Bangladesh, which could greatly benefit Vietnamese textile enterprises.
While the first half of 2024 saw only modest improvements, the latter half experienced a dramatic surge in orders, fueled by unexpected political upheavals in competing nations. Despite these hurdles, Vinatex and the broader industry maintained a growth trajectory, with no units reporting losses.
The group's consolidated revenue is estimated at VNĐ18.1 trillion ($724 million), a 2.8 per cent increase year on year, while consolidated profit is projected to reach VNĐ740 billion, up 37.5 per cent. Additionally, the average monthly income of employees rose by 8.9 per cent, reaching VNĐ10.3 million.
Hiếu attributed Vinatex’s successes to the exploration of new and niche markets with specialised, hi-tech products such as fire-resistant fabrics and clothing, developed in partnership with the UK’s COATS Group.
The group has also focused on developing new filament core yarns and blended fibers, alongside adopting an enterprise resource planning (ERP) system to optimise business resource management.
It also held conferences and seminars on sustainable development and adoption of environmental, social, and governance (ESG) practices.
It is directing investments toward building a second wastewater treatment plant with a capacity of 8,000 cu.m per day and night, complementing the existing plant with a capacity of 10,000 cu.m at Phố Nối Textile and Garment Industrial Park in Hưng Yên Province, toward creating a model green textile industrial park in the northern region.
