According to statistics from Vietnam Textile and Garment Group (Vinatex), Vietnam's textile and apparel exports reached nearly US$16 billion in the first five months of 2024, a year-on-year increase of 5%. It is worth noting that Vietnam's apparel exports to the United States reached US$6 billion, a year-on-year increase of 4%. Vietnam has surpassed China to become the largest apparel supplier to the United States and has become one of the world's three fastest-growing textile and apparel exporters.
Vinatex pointed out that this growth was not due to the recovery of global demand, but mainly due to the transfer of orders from other countries to Vietnam and the advantage of the 5% depreciation of the Vietnamese dong against the US dollar. Gao Youxiao, general manager of Vinatex, said that the outlook for the textile and apparel industry in 2024 will be better than in 2023. Vietnamese companies have increased their investment and actively sought export orders from the United States. Taking Vinatex as an example, the group has cooperated with the British Coats Group to produce flame-retardant fabrics in the first half of this year, and the first batch of products will be exported to the United States in July.
