Vietnam hopes to reach US$80 billion in textile, clothing and footwear exports by 2025
According to the government’s textile and footwear industry development strategy, Vietnam’s textile, clothing and footwear industry aims to achieve an export volume of US$7.7-80 billion by 2025 and an export volume of US$106-108 billion by 2030. They will encourage the use of domestic yarns to produce fabrics, reduce imports, and form a complete regional supply chain and value chain.
According to the strategic document, the textile and apparel industry is expected to export US$5-52 billion in 2025 and US$68-70 billion in 2030.
The strategy states that developing the fashion industry is considered a new direction. Therefore, the department will focus on developing designers, raw material supply, production and distribution systems to form a supply chain and create a sustainable foundation for the development of the domestic fashion industry as well as fashion centers in Hanoi and Ho Chi Minh City.
The strategy encourages companies to gradually transform their production methods into free on board (FOB) and original design manufacturers to increase the added value of products and establish their own brands to improve the competitiveness of companies and products.
The textile and apparel industry strives to achieve a localization rate of 51-55% from 2021 to 2025 and 56-60% from 2026 to 2030.
Nguyen Duc Thuan, chairman of the Vietnam Leather, Footwear and Handbags Association (LEFASO), told domestic media that domestic leather and footwear companies need to actively adapt to market requirements for sustainable product development standards.
The strategy also mentions the role of national regulatory agencies in encouraging companies to invest in the production of fibers, yarns, textiles and printing and dyeing with advanced technologies, as well as linkages with domestic garment companies.
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