The Vietnam Textile and Apparel Association reported that the textile and garment sector reached USD 44 billion in exports in 2024, reflecting an 11% year-on-year increase. The US remains Vietnam’s largest export market, with USD 16.7 billion in turnover, up over 12% from 2023, making up 38% of total exports. Other key markets include Japan, the EU, South Korea, and China.
Garment 10 Corporation, part of Vietnam National Textile and Garment Group (Vinatex), met its 2024 goals, achieving nearly USD 185 million in revenue and USD 5.2 million in profit, marking a 10% and 7% year-on-year increase, respectively.
Hoa Tho Textile and Garment JSC, another Vinatex member, posted almost USD 195 million in revenue and over USD 13 million in profit for 2024, with a 10% and 53% increase year-on-year.
The footwear and leather sector earned USD 27 billion in revenue, up 10% from 2023. The Vietnam Leather, Footwear, and Handbag Association noted that the sector benefitted from FTAs with China, the EU, South Korea, and ASEAN, with large markets like the US and EU posting over 10% growth.
Vietnam continues to be the world’s third-largest footwear producer and second-largest exporter, with 1.4 billion pairs produced and 1.3 billion pairs exported annually. The textile and garment sector aims for an export turnover of USD 48-49 billion in 2025, while the footwear and leather sector targets USD 29-30 billion.
(Source: Vietnam Investment Review)
