The garment and textile sectorcontinues to top the country in terms of export thanks to rightstrategies in business administration and local firms’ increasingprestige in the world market.
The sector’s export value islikely to hit a three-year high of 24.5 billion USD, surpassing the settarget by nearly 1 billion USD.
This is the result of the wholesector’s joint efforts in orienting production strategies and selectingexport markets as well as raising the rate of locally made materials toover 50 percent, said Vice President of the Vietnam Textile and ApparelAssociation (VITAS) Le Tien Truong.
Vietnamesegarment and apparel products have gained a firm foothold in almost allforeign markets, especially the US (8.85 billion USD), Japan (2.38billion USD) and the Republic of Korea (1.96 billion USD). Thethree markets make up nearly 70 percent of Vietnam’s total exportturnover.
Economists said that signed andpending free trade agreements (FTAs) are opening up a lot of goodchances for the sector to grow further as import tariffs may drop tozero in many markets.
Tax incentives to bebrought by the Trans-Pacific Partnership (TPP) Agreement, expected to besigned next year, will also create favourable conditions for garmentbusinesses to expand their presence in the US market.
Forsustainable development, Deputy Minister of Industry and Trade Ho ThiKim Thoa suggested enterprises establish their own trademarks and meetimporters’ requirements on product quality, chemical management andsocial responsibility.-VNA