Textile & Garment – In-depth – [NEUTRAL] – 2H25 Outlook: “Tariffs” pose major headwinds

The prospects of T&G sector become more uncertain in 2H25F onwards. As we observe the US market (the largest markets of Vietnamese T&G exports) which will likely face to notable headwinds, particularly related to the risk of “reciprocal tariffs”. Headwind 1 – Unknown final decision on “reciprocal tariff” rates. Headwind 2 – Consumer spending could be pressured as economic headwinds after trade policy uncertainties arising.