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.
The Saigon Textile & Garment Industry – Fabric & Garment Accessories Expo 2024 (Saigontex - Saigonfabric 2024) kicked off in Ho Chi Minh City on April 10.
VOV.VN - Vietnam exported a total of 27 major products to Cambodia during the opening two months of the year, of which garments and textiles witnessed the largest turnover in the market, according to the General Department of Vietnam Customs.
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.
VOV.VN - Export Development Canada (EDC) has co-ordinated efforts with the Vietnam Trade Office to organise a workshop to update the economic situation and evaluate Vietnamese enterprises' operational efficiency within the global supply chain.
VOV.VN - There are positive signs ahead for Vietnamese exports in 2024 thanks to the recovery of the global economy, increasing consumption demand, and the effective enforcement of free trade agreements (FTAs).
The garment and textile sector has set a target of US$44 billion in export turnover this year, up 10% year-on-year.
The tension in the Red Sea, which has led to increases in logistic costs and shipping time, is forecast to affect Vietnamese exporters of garment, textile, footwear and leather products from the second quarter of 2024 if it persists.
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.