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The global garment and textile industries face changing international trade regimes, concerns with labour standards, new competitors and forms of competition. These challenges have a differentiated impact on developing-country producers and workers. One potential 'winner' is Vietnam. This paper uses a global value-chain framework to analyse the Vietnamese experience. It maps Vietnam's changing position in the global industry, and probes ties between Vietnamese firms and global buyers. It explores links within the Vietnamese garment and textiles sectors, and considers the impact of global challenges on Vietnamese firms and workers. This helps distinguish who are the potential 'winners' and 'losers'. [ABSTRACT FROM AUTHOR]