Fashion & Apparel · The Record
Vinatex reports 8.3% revenue growth as US framework documents hold Viet Nam tariff at 20 percent
Vinatex and Nha Be executives told Nhan Dan Online, in a report published September 27, that revenue grew and that 2027 orders remain unclear; the US documents that set the rate on goods of Viet Nam put it at 20 percent and say a zero-percent product list will be identified.
The reciprocal tariff rate on goods of Viet Nam does not appear in the passages captured from Nhan Dan Online's report on the industry. It sits in a joint statement dated October 26, 2025, which records that the United States will hold reciprocal tariffs on originating goods of Viet Nam at 20 percent under Executive Order 14257 of April 2, 2025, as amended, and that it will identify products from a list in Annex III to Executive Order 14346 of September 5, 2025 for a zero percent reciprocal tariff rate.
Nhan Dan Online names the pressure without naming the instrument. Its report of Sunday, September 27, 2026, timed 18:02 and bylined Hoang Anh, describes an industry that has kept its growth momentum while pressure from prices, delivery schedules and tariff policies increasingly affects production and operations. The captured passages attach no rate, no order number and no date to the phrase. The text is marked as an NDO translation, so the executives quoted in it are quoted in translation.
The numbers in the claim half are company numbers, and they are good ones. Cao Huu Hieu, General Director of the Viet Nam National Textile and Garment Group (Vinatex), gave the outlet a result the report introduces as strong first-half performance and then quotes as an eight-month one: "consolidated revenue in the first eight months of the year rose 8.3%, while pre-tax profit increased 39.3% year on year." The sectors part company. Yarn showed particular strength, according to the report; in the garment sector revenue still increased by 3.9%, Hieu noted, with considerable pressure on the business's profit margin - the captured text attaches no period and no comparison base to that 3.9%. For the nine months he expects consolidated revenue rising by about 7.3% - the hedge is his.
The order book is where the confidence stops. Nguyen Ngoc Lan, General Director of Nha Be Garment Corporation (NBC), described a specialization model in which each factory serves multiple customers to balance capacity and meet delivery deadlines. On the market ahead, Lan said: "Orders for 2026 have been secured, but the market outlook for 2027 remains unclear as many traditional customers have not announced their ordering plans." Vinatex Chairman Le Tien Truong, in the same report, said enterprises need to review their production models, customer structures, product portfolios and business methods.
So take the blank where 2027 should be and read the documents that would fill it. The joint statement does two things in one sentence: it fixes a rate, and it defers a list. The 20 percent is stated flatly and tied to an existing executive order. The zero percent rate is not assigned to anything - the United States "will also identify" the products that receive it, from an annex to a second executive order issued five months after the first. Until that identification happens, the captured text names no Vietnamese product paying nothing.
The Office of the United States Trade Representative published a fact sheet on the same framework. It repeats the 20 percent rate for imports of Vietnam and repeats the promise to identify Annex III products for a zero percent rate. It also states that the two governments "will continue to finalize outstanding issues to address barriers for U.S. exports" and that, in the coming weeks, they will continue negotiations and finalize the Agreement. The fact sheet credits the announcement to President Donald J. Trump. It puts US total goods trade with Viet Nam at $123.5 billion in 2024, and says separately that the United States currently runs its third-largest goods trade deficit with Viet Nam - a deficit the captured text gives no figure for.
One caveat travels with the joint statement, and it is the document's own. The captured text carries a note that an original was not available for verification of the content of the joint statement. That is a statement about how this record was produced, printed on the record itself, and a reader weighing the 20 percent should weigh it too.
Vinatex has its own account of the tariff year, on its own website, in a piece dated Monday, 08/06/2026 at 08:46. It opens on what it calls a dual challenge - the shock of the U.S. reciprocal tariffs in early 2025, then exchange-rate volatility, interest-rate pressure, rising costs and renewed tariff risk in 2026. The page also carries this line: "The period between now and July 24, while the 10% tariff rate remains in effect, represents a critical 'window of opportunity.'" In the captured passage that sentence is attributed only to "he", with no name attached to it; the passages name Dr. Le Tien Truong, Chairman of VINATEX, in paragraphs that follow.
Read together, the two sets of documents put two different figures in front of the same industry, and by this desk's reading nothing in the captured passages reconciles them: the joint statement of October 26, 2025 states 20 percent on originating goods of Viet Nam and USTR's fact sheet on the same framework repeats the rate for imports of Vietnam, while the Vinatex page of Monday, 08/06/2026 refers to a 10% rate running to July 24 without saying which goods or which measure it describes. That is a divergence between documents, not a finding that anyone was wrong.
What the Vinatex page does settle is what the group is doing about it. Truong, identified there as Chairman, stated: "Entering 2026, the Board of Directors also noted that the market will continue to face significant uncertainties arising from tariff policies, weakening global consumer demand, and ongoing geopolitical volatility." His answer is machinery and measurement - smart manufacturing centres targeted at productivity 20-30% above current operations, and technology applied to Total Factor Productivity in support of growth of more than 6% in 2026. On the same page Cao Huu Hieu sets out priorities for DUGARCO, a company the captured passages do not otherwise describe or place in relation to Vinatex: he treats the shift in DUGARCO's order mix - ODM up 31%, CM up 8%, FOB down 13% - as suited to reducing raw-material and logistics risk, and lists expansion into new markets such as Australia and Canada to offset the decline in the Russian market, plus tighter management of borrowing costs.
View the data
| Value (% change) | |
|---|---|
| Consolidated revenue | 8.3 % change |
| Pre-tax profit, year on year | 39.3 % change |
Source: Nhan Dan Online, September 27, 2026 · Daily Pol graphic
The efficiency story and the tariff story are not alternatives. Productivity is inside the company's control; the rate on a customs entry is not. In the captured documents that rate is fixed by executive order, and the zero percent list is left to an identification the United States says it will make. On this desk's reading the captured record gives no landed cost for a 2027 order: the fact sheet says the parties will continue negotiations and finalize the Agreement.
Three things are checkable from here. Whether a published US schedule names Annex III products from Executive Order 14346 at a zero percent rate, and whether a finalized Agreement on Reciprocal, Fair, and Balanced Trade appears - the two things USTR's fact sheet says the parties will deliver. Whether Vinatex's nine-month consolidated revenue growth lands near the about 7.3% Hieu gave Nhan Dan Online - this desk expects it to come in below the 8.3% eight-month figure, on the company's own guidance. And whether the traditional customers Lan describes announce their 2027 ordering plans, which is the point at which the blank in his sentence either fills or does not.