The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
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%.
Vietnam’s garment-textile export value is expected to reach 44 billion USD in 2024, marking an 11.26% increase from 2023, according to the Vietnam Textile and Apparel Association (VITAS).
Vietnam’s textile industry faces many difficulties with both export and production on the decrease due to effects of an intensified China-US trade war, said industry experts.
Cambodia’s economy is forecast to grow 6.9 percent next year, higher than a projected 6.8 percent increase in 2017, despite risks including uncertainties over the 2018 elections, the World Bank (WB) said on November 22.
Vietnam earned 6.84 billion USD from garment and textile exports in the first quarter of this year, a rise of 11.2 percent year on year, according to the Vietnam Textile and Apparel Association (VITAS).
