By
Bloomberg
Printed
November 19, 2024
Vietnam’s garment trade is about for continued development subsequent 12 months however is trying to diversify its key export markets because it waits to see what steps US President-elect Donald Trump will take in terms of tariffs.
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The Textile and Attire Affiliation forecasts 2025 garment exports to succeed in $47-$48 billion, the group’s chairman Vu Duc Giang stated in a briefing Tuesday. Attire exports will attain an estimated $44 billion this 12 months, up 11.3% from 2023, the affiliation stated.
“We will push for diversification. Diversifying our export markets, diversifying our products and diversifying clients,” Giang stated when requested in regards to the potential impression of the Trump administration’s commerce insurance policies.
Clothes from Vietnam are exported to about 104 markets, however the US stays its greatest market, accounting for about 38% of the nation’s attire shipments this 12 months. The Southeast Asian nation is the second-largest provider of garments and sneakers to the U.S., in keeping with the American Attire & Footwear Affiliation, which represents greater than 1,000 manufacturers.
The affiliation is watching developments in “big markets, including the US, to make suitable moves,” Giang added. “I think the impact may not be seen clearly in the first two years of the Trump term.”
Exports account for about 85% of Vietnam’s economic system, and the US is its largest market. Vietnam had a surplus of round $100 billion with the US final 12 months, making it a possible goal for Trump’s insurance policies to rebalance commerce.
Vietnam is the world’s third largest attire producer and exporter after China and Bangladesh, in keeping with the Vietnamese affiliation. The commerce group sees optimistic momentum for exports subsequent 12 months as many garment corporations have already obtained orders for the primary quarter, Giang added. “We’ve seen a shift in orders into Vietnam from other countries.”
