VOV.VN - The US government’s 20% tariff on Vietnamese exports is straining the textile and seafood sectors by raising costs and reducing competitiveness, but industry leaders remain hopeful as businesses can adapt through operational optimisation and market diversification.

A two-day APEC workshop has been held in Hanoi, focusing on supporting small and medium-sized enterprises (SMEs) in the textile and garment industry to transition towards a circular economy.

VOV.VN - The Vietnamese garment and textile industry has been accelerating market expansion, transforming production models and renewing technologies, in an effort to secure high growth in 2025 following its sound performance in 2024, according to insiders.

The flow of foreign direct investment (FDI) into the Vietnamese garment and textile sector has rebounded thanks to the country’s sound investment climate and abundant workforce as well as its open economy, according to insiders.

The Vietnamese garment and textile sector is carrying out various measures to bolster production and business activities amidst formidable challenges posed by falling demand, high inventory, and geopolitical instability in several countries, according to insiders.

Enjoying a rise in orders, the garment and textile sector is optimistic about the completion of its target of earning US$44 billion in export revenue set for this year.

The garment and textile sector has set a target of US$44 billion in export turnover this year, up 10% year-on-year.

Along with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnamese garment and textile sector also needs a Vietnam-Canada free trade agreement or another bilateral deal to penetrate more deeply into the North American market, according to experts.

Diversifying sources of materials and stepping up digital transformation have been regarded as the key to the building of a smart, sustainable supply chain in the garment-textile sector, insiders said.

With obstacles and challenges awaiting the garment and textile sector in the first half given a lack of recovery signal in global demand, most firms have prepared their schemes to overcome.