Vietnam is set to become the world’s second-largest garment and textile exporter, with projected exports reaching US $ 44 billion this year, second only to India, according to Vinatex General Director Cao Huu Hieu.
At a 25th December meeting in Hanoi, Vinatex reviewed its 2024 performance and outlined strategies for 2025, emphasising sustainable development through ESG (environment, society, governance) principles. Plans include digital transformation, advanced governance models, and integrating automation and AI to reduce labor dependency.
Deputy Chief Hoang Manh Cam highlighted positive trends in major markets like the US and EU, driven by economic recovery and higher consumer spending. Additionally, shifts in orders from Bangladesh offer significant opportunities for Vietnamese manufacturers.
While early 2024 witnessed modest growth, the latter half saw a surge in orders due to political upheavals in competing nations. Vinatex’s consolidated revenue reached 18.1 trillion VND (US $ 724 million), a 2.8 per cent year-on-year increase, with profits rising 37.5 per cent to 740 billion VND. Employee incomes grew by 8.9 per cent, averaging 10.3 million VND monthly.
