Apparel, footwear on display at Magic Show in Las Vegas
A delegation from the Vietnam Textile and Apparel Association (VITAS) and the Vietnam Leather, Footwear and Handbag Association (LEFASO) joined the 16th edition of the Sourcing at Magic (Magic Show) in the US city of Las Vegas from August 7-9, with 20 stalls.
Hanoi (VNA) - A delegation from the Vietnam Textile and Apparel Association (VITAS) and the Vietnam Leather, Footwear and Handbag Association (LEFASO) joined the 16th edition of the Sourcing at Magic (Magic Show) in the US city of Las Vegas from August 7-9, with 20 stalls.
As part of the 2023 National Trade Promotion Programme approved by the Vietnamese Minister of Industry and Trade, it was also one of the annual series of market research and survey activities conducted in the US.
The Magic Show gathered textile, apparel, leather and footwear products, with thousands of exporters, importers, wholesalers, and retailers from the US and various other countries around the world taking part. Its aim is to establish stable and sustainable trading relationships and cooperation, recover and maintain the global supply chain, especially during the post-COVID-19 period.
Led by VITAS Vice President Truong Van Cam and LEFASO Vice President and Secretary General Phan Thi Thanh Xuan, the Vietnamese delegation consisted of 28 member enterprises.
Illustrative image (Photo: VNA)
Trade Counsellor and head of the Vietnam Trade Office in the US Do Ngoc Hung said in the first five months of this year, Vietnam remained the US’s eighth largest trade partner while the US continued to be the biggest importer of Vietnam. Trade surplus between two countries neared 40 billion USD, only behind China and Mexico.
At present, Vietnam ranks second in the list of the biggest exporters of apparel, leather and footwear to the US, just behind China. New orders in the last two quarters of this year indicate that 'Made in Vietnam' products are increasingly popular in the US./.
Competitive pressure and market fluctuations are among challenges any business has to face anytime, and apparel and footwear industries are not exemptions. However, in the difficult situation, many of them have found ways to advance, considering challenges as opportunities for further development.
A series of negative factors from the fourth quarter of 2022, such as the global economic slowdown and high inflation, suggest that the demand for textile products will decrease in 2023.
It is necessary for domestic enterprises to switch to green textile and garment production in an effort to achieve sustainable development goals and cope with the gradual loss of Vietnam’s cost advantage, insiders have said.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Illustrative image (Photo: VNA) 
Illustrative image (Photo: VNA) 
