Global economic upheavals and growth trends of the global textile market: Opportunities and challenges for Vietnam’s textile exports


Authors

  • Ha Van Hoi VNU University of Economics and Business
DOI: https://doi.org/10.57110/vnu-jeb.v4i5.317

Keywords:

Textile, export, development, opportunities, concerns

Abstract

The primary export industry of Vietnam is textiles and garments, with an average annual export turnover exceeding USD 34 billion over the course of a decade (2014-2023). Nevertheless, world economic fluctuations resulted in a decline in Vietnam’s textile and garment export turnover in 2023. As 2024 approaches, the primary form of the global economy is expected to continue to exhibit three significant characteristics: Unpredictable fluctuations, high sensitivity, and slow growth. In contrast to the depressing outlook of 2023, the global textile and garment market is anticipated to experience a more optimistic outlook from 2024 to 2030, with an average annual growth rate of approximately 7.4%. New opportunities and challenges will be presented to the Vietnamese textile and garment industry as a result of fluctuations in the global economy and the growth trend of the global textile and garment market. This research provides a concise summary of the global economic forecast for 2024 and examines the global textile market's growth trajectory, identifying the opportunities and obstacles that Vietnam's textile exports may face. Afterward, it suggests a variety of solutions for the government, textile associations, and Vietnamese textile enterprises to encourage Vietnam's textile exports in the future.

References

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Published

25-10-2024

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How to Cite

Ha Van Hoi. (2024). Global economic upheavals and growth trends of the global textile market: Opportunities and challenges for Vietnam’s textile exports. VNU JOURNAL OF ECONOMICS AND BUSINESS, 4(5), 49. https://doi.org/10.57110/vnu-jeb.v4i5.317

Issue

Vol. 4 No. 5

Section

Original Article

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