Vietnam’s textile and garment industry achieved 44 billion USD in export revenue in 2024, an impressive 11.26% increase compared to 2023 — despite facing multiple market challenges. Building on this strong recovery, the industry has set an ambitious target for 2025: achieving 47–48 billion USD in export value.
Expanding Markets and Boosting Exports
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According to Mr. Thân Đức Việt, General Director of Garment 10 Corporation (May 10), flexible business strategies helped the company maintain stable growth and secure employment for workers.
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2024 performance: Revenue reached 4.7 trillion VND (+10%), profit exceeded 131 billion VND (+7%), and the average monthly income per worker surpassed 10 million VND.
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2025 target: Revenue of 5.055 trillion VND and an average income of 10.5 million VND per person per month.
To achieve these goals, May 10 plans to expand markets, diversify customers, and increase export capacity through enhanced production efficiency.
Digital Transformation and Green Transition
May 10 remains a pioneer in digital and green transformation. The firm applies advanced management software and modern equipment to enhance automation and productivity.
Its green transformation strategy focuses on three key pillars:
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Green infrastructure and environment: Implementing LEED standards and energy audits.
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Green energy use: Shifting to renewable sources.
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Green materials: Using recycled and organic fibers.
These efforts are expected to reduce 15,000–20,000 tons of carbon emissions annually by 2025, while increasing the share of eco-friendly materials to meet global demand.
However, May 10 also faces challenges — such as low pricing, tight delivery deadlines, and complex product specifications — which require continued innovation and cost control.
Industry Performance: Resilience Amid Challenges
Phong Phu Corporation reported 2024 revenue of 2.55 trillion VND (+20.7%) and pre-tax profit of 352 billion VND(+10.1%). For 2025, it targets 2.6 trillion VND in revenue and 355 billion VND in profit, with investments in automation, R&D, and cost optimization.
Hoa Tho Textile and Garment Corporation achieved 4.95 trillion VND in revenue (+10%) and 336 billion VND in profit, up 53% over its 2024 plan — one of the highest profit-to-capital ratios among Vinatex members. The company plans to continue investing in modern equipment, workforce training, and market expansion.
Vinatex’s Outlook for 2025
Mr. Cao Hữu Hiếu, General Director of Vinatex, stated that 2024 marked a significant recovery for the group:
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Consolidated revenue reached 18.1 trillion VND (102.8% of plan).
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Pre-tax profit hit 740 billion VND (137.5% of plan).
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Average monthly income per worker reached 10.1 million VND.
The spinning segment reduced losses by 90%, while the apparel segment improved performance from Q3 2024 onward. With rising global demand and orders shifting to Vietnam, Vinatex targets a 6% increase in revenue and 10% growth in profit in 2025.
Strengthening Supply Chains and Labor Strategy
Vinatex emphasizes collaboration among member companies to enhance competitiveness. The group aims to:
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Expand fiber operations and strengthen joint procurement of materials.
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Conduct in-depth market research in China, India, and Bangladesh.
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Integrate deeper into global supply chains.
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Strengthen coordination between spinning, weaving, dyeing, and garment enterprises, using the garment sector as the driving force for sustainable growth.
However, the labor shortage remains a major constraint. Mr. Nguyễn Xuân Dương, Chairman of Hung Yen Garment Corporation, noted that despite a 12% productivity increase and higher income levels, the workforce decreased by 8%. He emphasized that businesses must ensure an average annual wage increase of 8% to retain workers.
May 10’s representatives proposed that the government develop a national human resource plan, aligning workforce development with strategic industrial priorities to prevent long-term labor shortages.
Confident Outlook for 2025
According to Mr. Vũ Đức Giang, Chairman of the Vietnam Textile and Apparel Association (VITAS), Vietnam’s textile industry has strong foundations for growth:
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17 out of 19 new-generation FTAs are now in force.
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The sector is rapidly adopting market diversification, automation, and green manufacturing standards.
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Vietnam remains a key destination for global apparel orders, which continue to rise.
These advantages make the 47–48 billion USD export target for 2025 fully achievable, reinforcing Vietnam’s status as a top global textile exporter.