US thread-producing companies revealed their intention to enhance their position in Vietnam’s garment-textile market during a recent meeting with Vietnamese businessmen in the sector.
US thread-producing companies revealed their intention to enhance their position in Vietnam’s garment-textile market during a meeting with Vietnamese businessmen in the sector in Ho Chi Minh City on October 5.
A representative from the American Cotton Shippers Association said US firms are making efforts to improve their supply to the Vietnamese market, reported the Sai Gon Giai Phong newspaper.
The move is part of strategies to tap opportunities ushered in by the Trans Pacific Partnership (TPP) free trade agreement, of which both countries are members.
As heard during the meeting, garment-textiles is Vietnam’s key export earner, however few domestic plants are turning out threads. The majority of materials are imported, 80 percent of which are from India and China.
As such, boasting good quality fibre with competitive prices, US producers are making moves to increase their presence in the Southeast Asian nation.
Garment-textiles account for 13.6 percent of Vietnam’s overall export turnover and 10.5 percent of gross domestic product (GDP).
Currently, 6,000 facilities are producing apparel across the nation, creating jobs for about 2.5 million workers or 25 percent of the Vietnamese industrial workforce.-VNA
Vietnam has become one of the biggest garment-textile exporters in the world with apparel products shipped to 180 nations and territories and export turnover reaching 12.18 billion USD in the first half of 2015, a yearly increase of 10.26 percent.
Claudio Dordi, Chief Advisor of the EU-MUTRAP has suggested Vietnamese garment-textile and leather footwear businesses pay more attention to product origin rules and increase distribution channels.
Several domestic garment and textile companies would face more challenges from large rivals following integration, said Tran Quang Nghi, Chairman of the National Garment and Textile Group (Vinatex).
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
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.
(Illustration photo: VNA)
