Consolidating its position as the world’s second-largest exporter, Vietnam’s textile and apparel (T&A) exports are projected to rise to $44 billion in 2024, says Cao Huu Hieu, General Director, Vietnam National Textile and Garment Group (Vinatex).
To achieve these goals, Vinatex aims to enhance its management processes through digital transformation, integrate automation technology, and adopt artificial intelligence to reduce reliance on labor. These initiatives are a part of the group’s broader commitment to modernise operations and promote sustainability.
Noting encouraging signs form key markets such as the US and the EU, Hoang Manh Cam, Deputy Chief, Vinatex, says, economic recovery from these two markets and rising consumer demand are boosting opportunities for Vietnam’s textile exporters. A shift in orders from Bangladesh due to political instability further strengthens Vietnam’s prospects.
Despite a slow start in the first half of 2024, Vinatex’s consolidated revenues increased by 2.8 per cent Y-o-Y to 18.1 trillion VND ($724 million) in H2, FY24. The group’s consolidated profit increased by 37.5 per cent to 740 billion VND during the period.
Vinatex’s success stems from its focus on niche markets and high-tech products like fire-resistant fabrics developed with the UK’s Coats Group, along with innovations in filament core yarns and blended fibers. The group has also adopted an enterprise resource planning (ERP) system to streamline operations.
In its push for sustainability, Vinatex is expanding its wastewater treatment facilities at Pho Noi Textile and Garment Industrial Park, Hung Yen province, aiming to create a model green industrial park. With these initiatives, Vietnam’s textile and garment sector is poised for continued growth, supported by a strategic focus on innovation and environmental stewardship.
