Hanoi (VNA) – India’s news site fibre2fashion.com has highlighted Vietnam’s economic development with positive signs.
Its December 25 article, titled “Vietnam year-end review 2024: Moving towards a bright future”, cited a survey by the US Fashion Industry Association (USFIA) showing Vietnam scored higher overall than some other Asian countries in the production of high-value products.
“The country was found to have better competitive edge as it currently leads in the capability to produce a wide variety of products quickly, as a result of investments in the country in machinery and skilled labour,” it said.
The main export markets for Vietnam’s textiles, including the US, Japan, the Republic of Korea, and China, showed positive growth.
According to the article, the key reasons behind this growth included increased global demand, strategic investments in technology and innovation, as well as trade agreements and diversification of export markets.
The global demand in the essential markets of the US, Europe, and Asia expanded, led by post-pandemic restoration causing a surge in pent-up demand.
The country’s textile and garments manufacturers are investing in automation, digitalisation and sustainable practices to enhance efficiency, productivity and quality in their production processes.
At the same time, Vietnam continued to diversify its export markets beyond the US and EU, by tapping into rising markets in Asia, Africa and the Middle East.
New trade partnerships have been forged in this regard and money making possibilities for the sector have been established, the article said.
News site financemiddleeast.com of the United Arab Emirates also said Southeast Asia’s economies, particularly Vietnam, Indonesia, and the Philippines benefit from supply chain realignments.
It cited data from Fitch Ratings revealing Vietnam’s manufacturing output grew by 8.1% in 2024, underscoring its rise as a critical link in global supply chains./.
