Textile and garment enterprises seek opportunities in the US market

According to information from the Vietnam Textile and Apparel Association, the Vietnam Textile and Apparel Association, as the host, has organized a working delegation to attend the Sourcing at Magic 2024 Fair in Las Vegas, USA, combined with market survey and assessment. The fair will end on August 29, 2024.

Starting from 2017, with the goal of consolidating and promoting more to the US market, the largest textile export market of the Vietnamese textile industry, the Vietnam Textile and Apparel Association has invested in building a Vietnam booth with a unique design imbued with Vietnamese identity, highly recognizable, with stylized details such as wooden gates, prominently decorated with the name of Vietnam, demonstrating the innovation as well as the potential of the Vietnamese textile industry. This year's Vietnam booth was arranged in a prominent position, very close to the main stage, located on the main road with a total of 16 booths.

Vietnamese business delegation and Vietnam Trade Office in the US at Sourcing at Magic 2024. Photo: Vitas

The Vietnamese booth area with a variety of products, materials and designs that meet market trends, and eye-catching booth decoration has attracted much attention from customers visiting and working with Vietnamese businesses.

On the first working day after setting up the booth, the number of visitors to the Vietnamese booths reached nearly 200. On average, each business met more than 10 customers per day.

According to the evaluation of the businesses participating in the booth, the 2024 Sourcing at Magic Fair, Vietnam has a better location than last year, is designed prominently, attracting a large number of visitors. Customers visiting the Vietnam booth are of high quality, some businesses have been ordered by customers to make samples. Businesses that go to survey the market, although they do not have a booth, also bring their company's products to invite and introduce their company's products. These are really very encouraging signals for businesses.

The US is a traditional export market and accounts for a large turnover of Vietnam's textiles and garments. In the first 6 months of the year, the US imported 7.2 billion USD worth of textiles and garments from Vietnam. This Vietnamese product accounts for 7.2% of the market share in the US and is second only to China.

According to the Vietnam Textile and Apparel Association, with many new and difficult regulations, exporting textiles and garments to the US market is becoming increasingly difficult, especially with supply chain control. Citing information from the US Department of Homeland Security, the Vietnam Textile and Apparel Association said that reports from the garment industry indicate that more than 95% of US textile and garment companies have actively increased their efforts to assess their supply chains by using technology and verification tools.

With the new textile enforcement plan, the Department of Homeland Security is expanding enforcement efforts to address the risk of cotton originating from the Xinjiang Uygur Autonomous Region in shipments at minimal levels and to protect the textile industry’s investment in clean supply chains under the free trade agreement.

As the U.S. Department of Homeland Security focuses enforcement on textiles and cotton, importers have shifted their supply chains away from China to reduce risk. The Xinjiang Uygur Autonomous Region produces 10% of the world’s polyvinyl chloride, much of which is used to make vinyl flooring.

U.S. imports of polyvinyl chloride products have fallen 48 percent over the past 12 months as importers shifted away from suppliers using polyvinyl chloride sourced from the Xinjiang Uygur Autonomous Region in some flooring products. Industry reports acknowledge these shifts away from China’s supply chains and have expanded flooring production capacity in the United States, Mexico, India and Vietnam, the Department of Homeland Security said.

Source: https://congthuong.vn/doanh-nghiep-det-may-tim-co-hoi-tai-thi-truong-my-340671.html