Beginning in the second quarter of 2024, Red Sea tensions are expected to affect Vietnamese exporters of clothing, textiles, footwear, and leather items, leading to delays in shipping and increased logistical expenses.
Vice President and General Secretary of the Vietnam Textile and Apparel Association (VITAS) and the Vietnam Leather, Footwear, and Handbag Association (Lefaso), Truong Van Cam, emphasize the importance of domestic businesses being vigilant and closely monitoring the situation to navigate and negotiate new export agreements.
The effects are highlighted by Tran Thanh Hai, Deputy Director of the Agency of Foreign Trade under the Ministry of Industry and Trade. She reveals that the logistics expenses for containers transiting via Europe might rise by $1,000 to $2,000 as a result of tensions in the Red Sea.
After the apparel industry produced masks and quarantine clothing in 2020 and 2021 to withstand the epidemic, 2023 saw a decline. Vietnam’s exports to the US dropped by roughly 10% to $40.3 billion due to global inflation, especially in the US and Europe.
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