Vietnam's textile-garment sector sees 9% YoY export growth in Jan-Jul
The sector needs to achieve monthly exports of over $4 billion during the remaining months of the year to meet the annual target of $47-48 billion.
This seems tough as Vietnamese exports to the United States face tariffs of up to 20 per cent, which is a key disadvantage compared to competitors.
Vietnam's textile and garment export turnover surpassed $26.33 billion in the first seven months this yearâ€'a rise of 9 per cent YoY. The sector needs to achieve monthly exports of over $4 billion during the remaining months of the year to meet the annual target of $47-48 billion. This seems tough as exports to the US face tariffs of up to 20 per cent, which is a key disadvantage compared to competitors.
Industry insiders foresee a turbulent second half this year and companies are being urged to review and upgrade equipment to meet new orders efficiently, a domestic news agency reported.
Businesses are also being encouraged to improve workforce skills and transition from traditional cut-make-trim operations to more advanced production models like free on board, original design manufacturing and original brand manufacturing.
These upgrades are essential to enhancing product value and strengthening Vietnam's position in the global supply chain.
Companies also need clearer market information and must leverage trade, export and payment policies to better manage risks amid shifting regulations.
Fibre2Fashion News Desk (DS)
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