Will textile and garment exports be affected by Trump 2.0 policy?

Vietnam's textile and garment industry aims to export US $48 billion USD in 2025. Photo: H.Diu

Mr. Vu Duc Giang, Chairman of VITAS, said that the Vietnamese Government, as well as many countries around the world, are closely monitoring the views and policies of US President Donald Trump. Except for China, the re-elected President of the United States has not expressed a clear view on tax policies towards other countries.

However, in Mr. Giang's personal opinion, there will not be any major changes in policy in the first two years of his term. "If there are any changes, the Vietnamese textile and garment industry will also diversify its markets," Mr. Giang affirmed.

Accordingly, the Vietnamese textile and garment industry is still promoting exports to the US based on a number of focuses.

Specifically, the US is a major export partner of the Vietnamese textile and garment industry with a turnover of over US $10 billion per year, accounting for 40%. On the other hand, Vietnam is also importing about 38-39 agricultural products from the US.

In particular, the Vietnamese textile and garment industry imports US cotton and is the largest customer of the US cotton industry. After Brazil and Australia, US cotton is one of the priorities of the Vietnamese textile and garment industry to serve spinning mills.

VITAS's relationship with the US Cotton Association and the US Department of Agriculture is very good. Every year, the parties organize in-depth seminars specializing in the US cotton industry and the Vietnamese market.

Another influencing factor, according to Mr. Giang, is that Vietnam is confident in quickly responding to policy requirements of other countries.

Businesses have been under great pressure for many years and have adapted very well. In particular, investment in automation technology and digital management has solved problems of labor productivity, production costs, maintaining quality reputation, maintaining cooperative relationships with partners…” Mr. Giang said.

Regarding the results in 2024, Mr. Giang informed that export turnover is estimated to reach US $ 44 billion as expected, up 11.26% compared to 2023; import turnover is estimated to reach US $25 billion, up 14.79%; trade surplus is US $19 billion, up 6.93% compared to 2023.

This result is a positive foundation for 2025. Accordingly, VITAS sets the export turnover target for 2025 at US $47-48 billion.

In 2024, Vitas achieved remarkable results in policy advocacy activities, contributing to removing difficulties for businesses; in-depth domestic and international trade promotion activities to expand export markets, diversify customers and products.

VITAS also organized over 70 seminars and training programs in the three regions of the North, Central and South; admitted 60 new members, bringing the total number of VITAS members to nearly 1,000 official and affiliated member enterprises.