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In a bid to capitalize on positive developments observed in the final quarter of this year, the Vietnam Textile and Apparel Association (VITAS) has set an ambitious target of $44 billion in earnings from textile and apparel exports in 2024. The announcement was made by VITAS Chairman Vu Duc Giang during a recent press conference.

While the estimated export revenue for the current year is expected to surpass $40 billion, reflecting a 9.2 percent decrease compared to the previous year, Giang remains optimistic about the sector's trajectory. He highlighted that Vietnamese textile and garment products achieved a milestone by being exported to a record 104 countries and territories.

The United States emerges as the leading importer of Vietnamese textile and apparel, contributing over $11 billion by the end of September this year. It is closely followed by Japan, accounting for approximately $3 billion, South Korea at $2.43 billion, and the European Union with $2.9 billion in imports.

Despite these successes, there is a notable dip in Vietnam's exports to the EU, falling short of expectations with a 13 percent revenue drop in the first nine months of the year. Giang emphasized the importance of concentrating efforts on developing the fashion industry, fostering domestic brands, and elevating their global presence.

To achieve the ambitious $44 billion target for 2024, Giang suggested a strategic focus on the fashion sector's growth, positioning domestic brands competitively, and undertaking initiatives to enhance their recognition on the global stage. This forward-looking approach aims to propel Vietnam's textile and apparel industry to new heights, making it a formidable player in the international market.