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Vietnam year-end review 2023: Aiming for scalability

02 Jan '24
22 min read
Pic: Adobe Stock
Pic: Adobe Stock

Insights

  • In 2023, Vietnam's textile sector faced challenges with **.* per cent export decline.
  • Despite setbacks, initiatives promoting sustainability and eco-friendly practices emerged.
  • Vietnam aims for a $**-** billion export value, focusing on sustainability and technological advancements.
  • The country's strategic efforts position it for a resurgence.

Vietnam’s garment and textile industry has been a cornerstone of the country’s rapid economic development. According to the World Economic Forum (WEF), Vietnam is the world’s fourth-largest exporter of textiles and garments, and has a development strategy for the sector aiming to achieve an export value of $**-** billion. The industry of this size is expected to create an additional ***,*** to * million job opportunities by ****.

Favourable factors

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