Vietnam's textile and garment industry have made great progress and managed to take advantage of free trade agreements (FTAs) such as Vietnam - Korea FTA, Vietnam-Eurasian Economic Union FTA (Vietnam - EAEU FTA), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and European-Vietnam FTA (EVFTA), according to a report released by the Ministry of Industry and Trade.
The Vietnamese manufacturing sector ended the year 2020 in growth territory as business conditions improved following disruptions caused by a succession of storms in November, with output, new orders and employment all increasing in December, according to a report released by IHS Markit on January 4, 2021.
The Vietnam Textile and Apparel Association (VITAS) and the Vietnam Leather, Footwear and Handbag Association (LEFASO) have written to the prime minister asking for help due to a high risk of duties being imposed on Vietnamese textiles and footwear imported into the United States.
According to the Ministry of Industry and Trade, the country exported textiles and garments worth US$25.6 billion in the January-September period, down 12% over the same period last year, news site Vietnamplus reported.
Prime Minister Nguyễn Xuân Phúc requested garment-textile and footwear sectors promote the building of Vietnamese brands and supply chain linkages during a working session with the sectors’ representatives in Hà Nội on Monday.
Việt Nam’s underdeveloped fabric production is making it difficult for textile and garment businesses to take advantage of free trade agreements, including the Europe – Việt Nam FTA (EVFTA).
Việt Nam's leather and footwear industry was on course for a strong recovery as more international fashion brands were valuing the country as an important part of the global supply chain, according to the Vietnam Leather, Footwear and Handbag Association (LEFASO).
Garment and textile companies need to develop a strategy for digital transformation to ensure their survival and future development, a seminar heard in HCM City yesterday.