At the press briefing, Le Hoang Tai, deputy director general of Vietnam Trade Promotion Agency (Vietrade), emphasised that the challenges faced by the garment and textile sector last year caused the total export turnover to drop by more than 9% to US$40.324 billion.

However, thanks to the global economic recovery prospects ahead and the positive signs for the Vietnamese economy, the local textile and garment industry has set a goal of increasing export turnover to US$44 billion this year, up US$9.2 billion compared to 2023, Tai added.

The trade official pointed out that at present many international textile and garment manufacturers have been working to expand their operations in Vietnam, further contributing to promoting the strong domestic industry.

Furthermore, the enforcement of a member of new-generation free trade agreements such as the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the EU - Vietnam Free Trade Agreement (EVFTA) also supports the future development of the industry.

He revealed that during the opening months of the year global manufacturers and supply chain companies have continued to place additional export orders, choosing Vietnam as hub for production, thereby demonstrating its strengths in the textile and garment field.

VIATT 2024 will create favourable conditions for Vietnamese textile and garment enterprises to strengthen trade connectivity with businesses around the world, set up chain links, and open up new cooperation opportunities, Tai noted.