- The textile and footwear industries in Vietnam are urged to leverage free trade agreements to diversify export markets and reduce reliance on traditional markets.
- The global economic instability presents challenges, including increased risks from US tariffs and dependency on imported raw materials.
- Rising labor costs and non-tariff barriers, especially EU standards on green production, require sustainable production adjustments.
- Supply chain and logistics risks affect order fulfillment and trade progress.
- Solutions include enhancing market research, building export databases, and improving workforce quality in marketing and product design.
- International trade promotion should be strengthened through fairs, exhibitions, and trade missions.
- Digital transformation should be maximized using online fairs, e-commerce platforms, AI, Big Data, and blockchain.
- Attracting foreign investment in raw material production and distribution is crucial for sustainable supply chains.
- The US is the largest export market for Vietnamese textiles, while the EU imposes strict sustainability standards.
- Investment in key areas like fabric weaving and dyeing is declining, affecting compliance with FTA origin rules.
- Some companies plan to invest in fabric production to ensure supply chain transparency and market access.
Source: baochinhphu.vn
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
