FTAs help garment-textile firms diversify export markets
In 2017, the garment-textile sector raked in 31.2 billion USD from exports, a year-on-year rise of 10.23 percent (Photo: VNA)
Free trade agreements
(FTAs) that Vietnam has signed and is going to sign have helped local firms
diversity their export markets, according to Chairman of the Vietnam Textile
and Apparel Association Vu Duc Giang.
He said Vietnam is exporting
garment-textiles to the US, the European Union (EU), Japan and the Republic of
Apart from those traditional markets, Vietnamese
firms are pushing exports to new markets such as China and Russia, with export
turnover projected to exceed 2 billion USD and about 500 million USD in 2018 in
each of the countries respectively.
Most domestic garment-textile businesses have
received orders for the second and third quarters of 2018, he added.
The garment-textile sector has exported more
than 3 billion USD worth of yarn, nearly one billion USD worth of fabric and
400 million USD worth of garment accessories.
Particularly, the fourth industrial revolution
has changed the mindset of businesses in regards to technology investment,
Garment-textile companies have paid more
attention to developing human resources and using technology to create quality
The selection of high value production segments
helps such as Original Design Manufacturing and Own Brand Manufacturing has
helped Vietnam continue making differences in the global market, he said.
In addition to investment in new technology,
some big enterprises such as Phong Phu Joint Stock Company and Garment-10 Joint
Stock Company are seeking to export through online sales.
This is considered a cheap and quick way to send
products to customers in foreign countries, according to Doan Anh Dao, a
marketing and sales representative from Phong Phu Joint Stock Company.
In 2017, the garment-textile sector raked in 31.2
billion USD from exports, a year-on-year rise of 10.23 percent.
In the year, Vietnam’s garment-textile exports
to major markets like the US, the EU, Japan, the Republic of Korea and Russia
increased by 7.2 percent, 9.23 percent, 6.1 percent, 11.8 percent and 56
In the first quarter of 2018, the sector is expected to see
export growth of nearly 7 percent. It targets 35
billion USD in export turnover by the end of this year.-VNA