Hanoi (VNA) – The garment and textile sector has set a target of 44 billion USD in export turnover this year, up 10% year-on-year.
According to the Vietnam Textile &Apparel Association (VITAS), garment and textile exports last year reached39.5 billion USD, down 10% year-on-year.
VITAS Chairman Vu Duc Giang said that in2023, Vietnam's textile and garment products were exported to 104 countries andterritories – a record number.
Businesses underwent significant changesbut they made efforts to diversify their exports with 36 items.
The main markets of Vietnamese garmentand textile exports were the US, Japan, the European Union (EU), the Republicof Korea, China, and Southeast Asia, together with some new markets such as Africaand Russia.
VITAS Vice Chairman Truong Van Cam said that 2024 will still see manychallenges for the industry, pointing to the extendedproducer responsibility (EPR) and the EU's carbon border adjustment mechanism(CBAM), as well as the strategy of “sustainable fashion” instead of “fastfashion”.
To achieve its set goal, the industry is implementingvarious solutions, with a focus on diversifying customers, markets, and products;speeding up digital transformation; and greening production, said Cam./.
Vietnam's textile and garment products have been exported to 104 countries and territories this year – a record number, according to the Vietnam Textile and Apparel Association.
Vietnam’s textile and garment industry has not been able to fully capitalise on the advantages and potential of FTAs, according to the Ministry of Industry and Trade (MoIT).
Along with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnamese garment and textile sector also needs a Vietnam-Canada free trade agreement or another bilateral deal to penetrate more deeply into the North American market, according to experts.
The tension in the Red Sea, which has led to increases in logistic costs and shipping time, is forecast to affect Vietnamese exporters of garment, textile, footwear and leather products from the second quarter of 2024 if it persists.
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Illustrative image (Photo: VNA) 
