Want to be in the loop?
subscribe to
our notification
Business News
FTAS FOSTER APPAREL AND FOOTWEAR EXPORTS
Vietnam's textile and garment industry have made great progress and managed to take advantage of free trade agreements (FTAs) such as Vietnam - Korea FTA, Vietnam-Eurasian Economic Union FTA (Vietnam - EAEU FTA), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and European-Vietnam FTA (EVFTA), according to a report released by the Ministry of Industry and Trade.
Vietnam's textile and garment export turnover reached US$28.1 billion in 2016 and soared to US$38.9 billion in 2019, an average growth of 9.55%.
In particular, the trade surplus increased rapidly, from US$11.1 billion in 2016 to US$16.9 billion in 2019. Vietnam's textile and garment export value ranked fourth in the world in 2016 after China, Bangladesh and India and ranked third in 2019 after surpassing India.
In 2020, due negative impacts of the Covid-19 pandemic from both supply and demand sides, the textile and garment industry was one of the most affected industries along with the tourism, aviation, and footwear industries. Given weakening consumer demand in the United States and Europe amid restriction measures to curb the pandemic, Vietnam’s textile and garment export was hard hit. The U.S. and European markets accounted for about 45% and 18% of Vietnam’s textile and garment export value, respectively.
The export value of the textile and garment industry declined 9.29% year on year to an estimated US$35.27 billion in 2020. This was indeed a good performance level given that the total world textile and apparel demand shrank by 25%.
In 2020, the leather and footwear industry also faced numerous difficulties because of Covid-19 pandemic impacts, especially when the pandemic developed complicatedly in major importers of Vietnamese footwear like the U.S. and the EU (accounting or 36% and 27% of Vietnam's footwear export value, respectively).
Vietnam's footwear and handbag exports valued US$22 billion in 2019 (up 12% over 2018) but declined to US$20 billion in 2020 due to the Covid-19 pandemic.
To restore and develop the textile and garment industry, in the coming time, the Ministry of Industry and Trade will carry out trade promotion and export support programs and diversify export markets, avoid risks and ensure rules of origin imposed by FTAs. It will support enterprises to find, connect and expand markets, give priority to tapping domestic consumption demand and avoid dependence on a single market.
The ministry will build and implement the garment and footwear industry development strategy to 2030, with a vision to 2035; work out the program on sustainable development of the garment and footwear industries in 2021-2030 in order to remove input supply bottlenecks, support human resource training, and apply Technology 4.0 to product design, and make the most effective use of new-generation FTAs such as EVFTA and CPTPP.
For the leather and footwear sector, the ministry will focus on solving internal difficulties, maintaining the export market in line with developing the domestic market and expanding sales channels to tap the domestic market. It will strengthen trade promotion programs for Vietnamese footwear products in the U.S. and EU markets and keep track of market developments to capture information in order to adjust production and business directions in a timely manner.
Source: VCCI
Related News

VIETNAM’S OUTBOUND INVESTMENT INCREASES BY 9.5 TIMES IN TWO MONTHS
Vietnam's overseas investment in the first two months of 2025 totalled nearly 239 million USD, 9.5 times higher than the same period last year.

VIỆT NAM’S SHRIMP EXPORTS MAINTAIN STEADY GROWTH
Việt Nam's shrimp exports have demonstrated impressive resilience in the first two months of 2025, solidifying their status as the leading export product of the seafood industry. The shrimp export value in the two months reached US$542 million out of a total seafood export value at $1.4 billion, according to the Việt Nam Association of Seafood Exporters and Producers (VASEP).

CATERING SERVICE
Becamex Hotel with more than 10 years of experience serving the top major events in Binh Duong and neighboring provinces on a domestic and international scale, we are currently a key partner providing culinary services for leading domestic and foreign corporations, originations, associations, and governments. Some typical corporations such as: Pandora, Lego, Vsip, Hayat Kimya, Japfa, Hai Long Binh Phuoc, CP Vietnam, Haohua, Bao Viet, local departments and government.

TECH GIANTS AIM HIGH WITH FOCUSED STRATEGIES FOR 2025
Major players in the information communication technology and consumer electronics (ICT and CE) market are aiming high in 2025 by building on the back of their 2024 performances with distinct growth strategies. FPT Retail, the retail arm of tech giant FPT Corporation, Mobile World Investment Corporation (MWG), and Digiworld Corporation are prominent representatives with unique strategies designed to capitalise on opportunities and overcome challenges.

HOSPITALITY MARKET ENJOYS STRONG GROWTH
The tourism sector is showing strong momentum, driven by favourable visa policies, improved infrastructure and strategic marketing efforts by both authorities and businesses, a conference has heard. The biannual conference on the real estate and hospitality sectors “Meet The Experts,” held in HCM City on Tuesday, brought together over 700 representatives from real estate developers, hotel owners, architects, design consultants, project consultants, hotel operators, and industry experts.

DEPUTY PM EXPLORES ECONOMIC DEVELOPMENT EXPERIENCE IN CHINA
At working sessions with specialised agencies in Shenzhen, China, Deputy PM Nguyễn Chí Dũng shared Việt Nam's development priorities in the new era, underscoring the Vietnamese Party and Government's interest in enhancing the private sector's role, improving the business climate, attracting high-quality human resources, and developing free trade zones.