Garment firms prepare for tough battle at home as trade deals loom
Vietnamese textile and garment companies face a huge challenge with the market set to be flooded with imports following the country's accession to the ASEAN Economic Community (AEC) and TPP treaty.
Clothes are manufatured at the Venture International Joint Stock Company in central Nghe An Province. (Source: VNA)
HCM City (VNA) – Vietnamese textile and garment companies face a huge 🐼chall👍enge with the market set to be flooded with imports following the country's accession to the ASEAN Economic Community (AEC) and Trans-Pacific Partnership (TPP) treaty.
"I realise that customers will support domestic goods, but the most important factor to retain Vietnamese clients is to assure quality," Nguyen Thi Dien, Chairwoman and Executive Director of the An Phuoc Shoes Sewing and Embroidering Company, has been quoted as saying on the government website.
Since 1995 Viet Tien Garment Joint Stock Corporation has set up a distribution chain with 1,390 shops and agents around Vietnam. Besides the famous Viet Tien brand name, the corporation also owns various fashion brands for both adults and children.
With over 200 shops, Blue Exchange has a big market share of garments for young people.
"In recent years demand for garment products has increased by 10 - 15 percent annually," Hong Ve Dung, Deputy General Director of the Vietnam Garment and Textile Corporation, said.
Dien said since competition with garment products from other ASEAN countries would be unavoidable, local companies should improve their quality and expand models to strengthen their competitiveness.
Despite the fact that the market is set to become more competitive, An Phuoc has kept its growth target of 15 -17 percent.
This year it plans to open 10 more shops to add to its 105 existing ones.
"Promoting new design, strengthening brands and expanding the distribution system are the best ways to cope with the effects of the free trade agreements."
"ASEAN garment products will flood the Vietnamese market and directly compete with domestic products," Hong Ve Dung said.
"Local companies hope for lower interest rates to cut their expenditure and improve their competitiveness."-VNA
Active integration will boost corporate competitiveness, said Nguyen Quynh Nga, a member of Vietnam’s delegation negotiating the Trans-Pacific Partnership (TPP) deal.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Vietnam Cycle Expo 2025 will coincide with the Vietnam Sport Show 2025, an international exhibition on sports and outdoor entertainment, expected to attract more than 20,000 visitors in the three-day event.
Clothes are manufatured at the Venture International Joint Stock Company in central Nghe An Province. (Source: VNA)
