The Vietnam Textile and Garment Group (Vinatex) recently held a workshop to develop scenarios responding to the new tax policy from the U.S. Following the announcement of tax imposition on April 3, many customers suspended orders, leading to a slowdown in production. However, the announcement of tax postponement on April 10 stimulated customers to accelerate their production. Vinatex is actively searching for long-term solutions such as negotiating with customers, optimizing production, and building good relationships with export markets. Le Tien Truong, Chairman of Vinatex’s Board, stated that the textile industry has weathered many difficulties while maintaining its position as the world’s second-largest exporter. Concurrently, the labor union also launched a Workers’ Month campaign to maximize output. Vinatex recorded total revenue of 4.417 trillion VND in Q1, accounting for 24.1% of the yearly target, but signs of decreased demand from the market are apparent. Enterprises are stabilizing order receipts until Q2, but market sentiment remains cautious.
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