Vietnamese fashion retailers are facing increasing pressure from a surge of low-cost apparel and accessories imported from Chinese e-commerce platforms, as per reports.
Business News
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Vietnam’s footwear industry is experiencing remarkable growth in 2024, with exports reaching US $ 16.53 billion during the first nine months of the year, showcasing a robust 12.5 per cent year-on-year increase, according to data released by the General Statistics Office (GSO).
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Data from the General Department of Vietnam Customs reportedly shows that during the last eight months, Vietnam's exports to Japan have exceeded US $ 16 billion, indicating a 4.8 per cent rise over the same period last year.
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Manufacturing
Hyosung TNC to invest US $ 1 billion in Vietnam, establishing 200,000 tonnes-a-year Bio-BDO plants
Hyosung TNC is set to invest US $ 1 billion in Vietnam to build Bio-BDO plants with a capacity of 200,000 tons per year. This major move aims to boost sustainable materials production and enhance Hyosung’s global market presence in eco-friendly products.
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The garment and textile industry in Vietnam is expecting significant growth in the second half of this year, driven by rising orders and improving consumer demand.
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Vietnamese textiles and garments are subject to trade sanctions in Indonesia as the local textile industry struggles. The Việt Nam Trade Office advises businesses to monitor market conditions and prepare for potential measures.