If the US implements the announced 46% reciprocal tariff, Vietnamese textile and garment products would face average duties between 61-62% when entering the market, given the current 15-16%.
Supported by 17 next-generation free trade agreements (FTAs) already in effect, the industry is poised for further growth, targeting 48 billion USD in export revenue this year.
With rapid digital transformation, online sales channels are becoming an essential strategy for businesses aiming to thrive in an increasingly competitive market.
According to the Vietnam Textile and Apparel Association, Vietnam's textile and garment industry has fulfilled its 44-billion-USD export turnover target in 2024. The US remains the largest export market with an estimated export turnover of 16.71 billion USD, up 12.33% and accounting for 37.98% of the total turnover, followed by Japan, EU, the Republic of Korea, China, and ASEAN.
Vietnam’s garment-textile export value is expected to reach 44 billion USD in 2024, marking an 11% increase from 2023, according to the Vietnam Textile and Apparel Association (VITAS).
Vietnam imported 766,000 tonnes of cotton worth 1.53 billion USD in the first half of this year, representing a rise of 21.6% in volume and 9% in value over the same period last year, according to updates from the General Statistics Office.
The Saigon Textile & Garment Industry – Fabric & Garment Accessories Expo 2024 (Saigontex - Saigonfabric 2024) kicked off in Ho Chi Minh City on April 10.
Vietnam's textile and garment products have been exported to 104 countries and territories this year – a record number, according to the Vietnam Textile and Apparel Association.
Vietnam Textile and Apparel Association (VITAS) on November 23 announced that Vietnam’s textile and apparel exports are estimated to top 40 billion USD, about 9% less than that of last year.
A delegation from the Vietnam Textile and Apparel Association (VITAS) and the Vietnam Leather, Footwear and Handbag Association (LEFASO) joined the 16th edition of the Sourcing at Magic (Magic Show) in the US city of Las Vegas from August 7-9, with 20 stalls.
It is necessary for domestic enterprises to switch to green textile and garment production in an effort to achieve sustainable development goals and cope with the gradual loss of Vietnam’s cost advantage, insiders have said.
The fifth edition of the Denimsandjeans Vietnam Show opened in Ho Chi Minh City on March 1 with the participation of many big denim manufacturers from more than 10 countries.
Vietnamese apparel firms have been busy so far this year to complete orders, toward achieving the goal of earning about 47 billion USD from export this year on the back of incentives brought about by free trade agreements that already took effect.
The textile and garment sector has predicted that difficulties will remain for its exports in the first half of 2023, but there are also silver linings it can pin hopes on.
The Vietnam Textile and Apparel Association (VITAS) has set a goal of helping Vietnam's textile and garment industry be more environmentally friendly by 2030.
