Vietnam has set an ambitious goal for its textile and garment industry this year, aiming to export $48 billion worth of goods. However, the sector is under significant pressure. The U.S. has increased import taxes, and both raw material and shipping costs are on the rise, while the international market remains unstable.
Local reports indicate that in the first eight months of this year, Vietnam exported around $31.7 billion, marking a 2.9% increase compared to the same period last year. However, Vietnamese textiles face a 12.5% tax in the U.S., while competitors are taxed at only 10%.
Some companies have orders lined up until the end of the year, while others are still worried about securing deals for the fourth quarter. To tackle these challenges, businesses are focusing on high-value orders, cutting costs, improving quality, and exploring new markets.
The Vietnam Textile Association emphasizes that boosting production efficiency, reducing costs, and enhancing product value are crucial for maintaining competitiveness and achieving export targets.
