Set for continued growth next year, Vietnam’s garment industry is looking to diversify its key export markets as it waits to see what steps will be taken by US President-elect Donald Trump in terms of tariffs.
According to the Vu Duc Giang, Chairman, Vietnam Textile and Apparel Association (VITAS), the country’s garment exports will rise to $47-$48 billion in 2025 while this year, the country’s apparel exports will rise by 11.3 per cent to an estimated $44 billion. To leverage this growth, the association will continue to diversify its export markets, products and clients, he adds.
Garments from Vietnam are exported to about 104 markets, but the US remains its biggest market, accounting for about 38 per cent of the country’s apparel shipments this year. The Southeast Asian nation is the second-largest supplier of clothes and shoes to the U.S., according to the American Apparel & Footwear Association.
Vietnam is the world’s third largest apparel producer and exporter after China and Bangladesh, according to VITAS. The trade group sees positive momentum for exports next year as many garment companies have already received orders for the first quarter, Giang added.
