Brian Jeffrey
According to the Vietnam Textile and Apparel Association (VITAS), imports reached 10.63 billion USD, leading to a trade surplus of 6.95 billion USD in the sector.
Truong Van Cam, Vice Chairman and General Secretary of VITAS, highlighted that many businesses have successfully sustained their operations, despite facing challenges like sluggish global demand recovery and geopolitical issues. They have adapted by enhancing their production processes and exploring niche markets for new growth avenues.
With the US revising its tariff strategies for various countries, including Vietnam, Cam encouraged companies to investigate markets with considerable potential.
He also pointed out that research conducted in six nations—Bangladesh, Cambodia, Laos, Nepal, China, and Vietnam—indicates that Vietnam excels in several areas, trailing only China in a few metrics. This suggests that Vietnamese textiles and garments are positioned in the mid-range or premium market tier.
However, Cam emphasized the challenge posed by not fully controlling raw material supply sources, which affects the traceability of Vietnamese textile products—a crucial element for obtaining preferential tariffs—and limits design innovation, thereby impacting competitiveness abroad.
Dang Minh Khoi, the Vietnamese Ambassador to Russia, conveyed that Russia, ranked fourth globally by GDP in purchasing power parity, is keen to boost its partnership with Vietnam, appreciating the high quality and trendy designs of Vietnamese apparel. Therefore, Vietnamese enterprises should actively capitalize on market opportunities.
Experts believe that while shipments of Vietnamese textiles and garments to Russia have surged in recent years, they still represent a relatively small portion of the overall market, indicating significant potential for growth in this industry./.VNA
