Affirming the position of the textile and garment industry: Exports reached nearly 22 billion USD in 6 months

In the first 6 months of the year, Vietnam's textile and garment industry continued to record positive signals with export turnover reaching nearly 22 billion USD, an increase of 2.3 billion USD (equivalent to 10%) over the same period last year. The US continued to be the largest export market with turnover reaching 8.77 billion USD, an increase of 17.1%; the EU 2.36 billion USD, an increase of 14.8%; Japan 2.24 billion USD, an increase of 12.4%...

Producing textiles for export at Garment Corporation 10. (Photo: QUYNH CHI)

This result was achieved thanks to the great efforts of the business, in the context of market fluctuations, especially geopolitical instability, escalating conflicts in many regions causing disruption of supply chains and increasing freight costs.

Along with that, "dark shadow" Countervailing tax policy The Trump administration's tariffs are sweeping the globe. Although they are still on hold for negotiations and are expected to be announced on August 1, the US's imposition of an additional 10% most-favored-nation (MFN) tariff has caused many difficulties for exporting countries, including Vietnam.

In order to take advantage of market opportunities, the export business are focusing on production before new tax policies from the US are implemented, causing the market to reverse.

Recently, partners and customers have highly appreciated the Vietnamese textile and garment industry in overcoming difficulties and maintaining high growth momentum, especially in the way businesses share information and have their own strategies to find bottlenecks to solve difficulties and problems.

Not only that, the export to 132 countries and territories has demonstrated the position of our country's textile and garment industry on the world map. Currently, businesses have orders until September and are negotiating for the end of the year. Businesses are also always ready to mobilize all their forces to serve the "lightning-fast" production campaign to meet the requirements of delivery time as well as maximize the advantages of tariffs, to optimize profits, and create reserves to serve future production needs.

With the current growth rate of more than 10%, export turnover Textile and garment products in July are forecasted to have a breakthrough in export proportion and are an important premise for the industry to aim for an export turnover of 46-47 billion USD for the whole year. However, for this to become a reality, businesses must effectively take advantage of the 17 new generation free trade agreements that have come into effect; have solutions to adapt to changes in circumstances and institutional conditions, as some major countries are disagreeing on economic and trade views.

Enterprises need to increase investment in modern machinery and equipment, constantly improve workers' skills, and quickly shift production methods from CMT (manufacturing) to FOB (purchasing raw materials, manufacturing, selling finished products), ODM (original design manufacturing), OBM (original brand manufacturing), etc. to increase product value and enhance their position in the supply chain.

In addition to their own efforts, businesses need to be supported by creating information channels to access and develop markets; effectively exploiting import, export, and payment policies, etc. to limit risks and avoid disadvantages from changes in mechanisms and policies brought about by some major markets.

The State also needs to have mechanisms and preferential policies on capital, taxes, fees, land, and the construction of modern industrial parks and clusters to call on domestic and foreign enterprises to invest in chains, quickly reducing the shortage of raw materials for domestic production.

Source: https://baoquangninh.vn/khang-dinh-vi-the-nganh-det-may-xuat-khau-dat-gan-22-ty-usd-trong-6-thang-3366748.html