Inflated logistics costs were hampering the competitiveness of Vietnamese goods, according to Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang.
Garment-textile and footwear enterprises are seeking material supplies from markets besides China amid the complicated developments of the acute respiratory disease caused by SARS-CoV2 (COVID-19).
The Vietnamese textile and garment industry continued its big role as a key driver of Vietnam’s exports.
Vietnam has been unable to gain export growth to all CPTPP member countries, according to the Ministry of Industry and Trade.
To take advantage of free trade agreements and expand exports, meeting rules of origin is crucial for the garment and textile sector, industry insiders have said.
VOV.VN - After enjoying US$39 billion in export turnover throughout the year, the apparel and textile industry has recorded a trade surplus of US$16.6 billion, up U$$2.25 billion over last year’s figure, according to the Vietnam Textile and Apparel Association (VITAS).
Vietnam’s textile and garment industry is estimated to grow about 7.55 percent this year, according to President of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang.
Foreign direct investment inflows into Vietnam’s textile and garment industry mounted to 19.5 billion USD over the last three decades with the Republic of Korea (RoK) being the top investor.
More than 35 leading Vietnamese producers of garments, textiles and fashion accessories as well as garment-related industries are showcasing their goods at Hong Kong’s biggest fashion show that opened on October 27.
VOV.VN - Vietnam’s garment and textile sector has been suffering huge losses since late 2018 as a result of the fallout from the US-China trade war, according to a report released by the Ministry of Industry and Trade.
Five key exports of Vietnam – seafood, fruit, woodwork, footwear and apparel goods – will have a good chance to boost their growth into the EU market thanks to tariff reduction brought about by the EU – Vietnam Free Trade Agreement (EVFTA), according to the Ministry of Industry and Trade.
Statistics on import-export and investment activities during the first few months of the year show that Vietnam did not see any positive effects from the US-China trade war as forecast by several US agencies and the press.
Vietnam could become a “sustainable supplier of choice” in the textile and apparel industry if the country continues its efforts to ensure environmental protection in manufacturing, an official said at a global industry meeting held in the city on April 11.
Vietnam’s textile and garment sector is hoped to make breakthroughs in 2019 based on successes and momentum last year.
Vietnam had become increasingly appealing to large foreign investor groups in the textile and garment industry who wanted to seize opportunities when the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) takes effect in January next year, according to analysts.
The garment-textile sector has grossed over US$36 billion in export turnover this year, up 16.01% against the previous year, heard a conference in Hanoi on December 14.
Japanese firms are scaling up investment into Vietnam’s textile and garment sector to take advantage of the huge market potential and Vietnam’s new-generation free trade agreements.
The EU-Vietnam Free Trade Agreement (EVFTA) is expected to create solid opportunities for Vietnam to expand its export markets in the time ahead, especially in terms of the garment and footwear industries.
Free trade agreements (FTAs) in which Vietnam has joined are great momentum for the domestic garment-textile industry to attract investment, said an official of the Vietnam Textile and Apparel Association (VITAS).
Free trade agreements, particularly the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), are the driving force to attract big investments in Vietnam’s garment-textile industry.