Karl Mayer invited leading global textile industrialists and international investors in Vietnamese textiles industry to participate in a joint exclusive recently. Around 90 participants from 13 countries attended the event. Most guests came from Vietnam, Korea, Taiwan and China. And some of them undertook the journey from Europe.
With exports worth $36.2 billion, 2018 was the most successful year for the Vietnamese textiles and clothing industries. Considering the trade war between China and the US, the year 2019 brought both chances and challenges for Vietnam. In the first six months, the sector’s exports to the US increased by 29 per cent. Sales revenues in the US market amounted to around $7 billion. This represents 46 per cent of the total revenues.
The country has high exports but low imports. To reduce the surplus, US President Donald Trump threatened to impose punitive tariffs on Vietnamese products at the G-20 Summit in June 2019. Additional levies would have a great impact on the Vietnamese economy, because the US is the most important market for this Asian country.