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Vietnam garment, textile export down three per cent

Vietnam’s export turnover of garment and textile products in the first two months of 2020 was down 3.5 per cent year-on-year. Shipment of clothes was down 2.3 per cent. Shipment of yarn was down 16 per cent. At present, the supply of raw materials basically meets production demand in March and April. However, the sector is facing a lot of difficulties, as the world economy is affected seriously by the coronavirus disease, resulting in a decrease in global demand.

In the first nine months of 2019, Vietnam’s exports to the US jumped by 34.8 per cent year on year. The United States is Vietnam’s largest export market. Overall, Vietnam-US trade will likely to continue to increase. However, Vietnam will need to be more careful particularly for industries such as steel, footwear and agricultural products exports to the US that have been growing. If it does not, the United States is likely to impose countervailing duties on products that it deems to harm its domestic industries. Vietnam however, will have to be even more careful to deal with origin fraud and transshipment as this has been the source of US tariffs on Vietnam in the past. The tariffs were imposed to prevent steel products that originated from China attempting to bypass anti-dumping rules.

 
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