The Việt Nam Trade Office in Indonesia warned Vietnamese businesses that the country may apply trade sanctions on some products, especially textiles and garments.
The industry has shifted its focus from fast growth to sustainable growth. It is expected to grow by around 6 per cent from 2022 to 2030 and achieve circularity between 2030 to 2045.
Although textile export was riding high in the first half of the year with a growth of 23 per cent, insiders are pessimistic that the rest of 2022 will match up.
Although the demand for Vietnamese textiles is forecast to rise steadily in the short term, firms are concerned that tight material supply will impede their export plans.
On January 14, the Comprehensive and Progressive Agreement for Trans-Pacific Partner (CPTPP) came into effect in Viet Nam, two weeks after six Pacific Basin Countries, Australia, Canada, Japan, Mexico, New Zealand, and Singapore, adopted it.