Saturday , July 13 2024

Vietnamese textiles and garments may be subject to sanctions in Indonesia

The Việt Nam Trade Office in Indonesia warned Vietnamese businesses that the country may apply trade sanctions on some products, especially textiles and garments.

Textiles and garments are expected to be applied by Indonesia with trade defense measures. — Photo anninhthudo.vn

HÀ NỘI — The Việt Nam Trade Office in Indonesia warned Vietnamese businesses that the country may apply trade sanctions on some products, especially textiles and garments.

Indonesia’s textile industry is facing a difficult period with the number of export orders decreasing and many factories closing. A large number of workers have been fired.

Textiles, footwear and electronic goods industries, are key and export sectors for Việt Nam into the Indonesian market with the total export turnover of US$1.5 billion, accounting for 30 per cent of Việt Nam’s total export turnover to Indonesia last year.

These products have a lower comparative advantage than similar products from other production centres such as China, Việt Nam and Malaysia.

Therefore, the trade office believes that Indonesia potentially plans to apply trade defence measures, not only on Chinese products, but also very likely including products exported from other countries including Việt Nam.

Faced with this prospect, the trade office recommended that Vietnamese businesses and export associations in relevant product groups need to closely monitor the market and consult with relevant units of the Ministry of Industry and Trade and the Việt Nam Trade Office in Indonesia, to have solutions ready in case any sanctions are indeed applied. — VNS

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