25 November 2023, Mumbai
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Vietnam's textile and apparel exports are expected to decline by 9% in 2023, reaching $40 billion, according to the Vietnam Textile and Apparel Association (VITAS).
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VITAS Chairman Vu Duc Giang attributes the decline to the COVID-19 pandemic and excess inventory challenges faced by the industry this year.
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To maintain high export turnover, Vietnam aims to expand its export markets to 104 new countries and territories in 2023.
The top four buyers of Vietnamese textiles and garments in 2023 are:
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The United States with a turnover of over $11 billion
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Japan with $3 billion
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The Republic of Korea with $2.43 billion
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The European Union with $2.9 billion
Bracing up: To adapt to market changes, Vietnamese producers plan to diversify their export products by adding 36 different kinds of products.
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