Vietnam’s garment and textile sector is estimated to post export revenue of $40.324 billion in 2023, down 9.2 per cent year-on-year, according to the Vietnam Textile and Apparel Association (Vitas) Chairman Vu Duc Giang.

The sector has faced many difficulties and challenges in production and exports this year as a result of the global downturn, the lingering impact of Covid-19, and falling consumption demand, Vitas Vice Chairman and General Secretary Truong Van Cam said in an address to a meeting on December 16 to review the Association’s operations this year.

A target has been set for the sector to post export revenue of $44 billion in 2024, up 9.2 per cent against 2023, based on the recovery prospects in the global economy and forecasts for Vietnam’s economy, he said.

To reach the target, the sector will adopt measures relating to investment, markets, the application of technology, capital, and human resources.

Vietnam’s textile and garment products were exported to a record 104 countries and territories this year. The US remained the largest importer, with turnover standing at over $11 billion as of the end of September. It was followed by Japan with $3 billion, the EU with $2.9 billion, South Korea with $2.43 billion, and Canada with $850 million.