Since the beginning of this year, Vietnam has earned $12 billion from exporting garments and textiles. The free trade agreement with the EU could help Vietnam increase export value of its garment products by 50 per cent in the first year and 20 per cent annually in succeeding years. The industry will have even greater opportunities once Vietnam signs the FTA with the EU. Once the Trans Pacific Partnership agreement is signed, Vietnamese exporters can increase their market share in the US.
Finding new markets will allow businesses to increase export revenues and market share, strengthen their position in traditional markets, and be more likely to achieve the $28.5 billion target set for this year. In the meanwhile, Vietnam has to work at identifying weak elements and strengthening internal chain links among garment companies and material manufacturers to make the most of each other’s products. This will allow the country to meet the origin requirements of FTAs and the Trans Pacific Partnership Agreement.
To take full advantage of trade deals, Vietnam’s garment and textile sector should maintain its current growth rate and invest in technology and improve designs, patterns, and quality to gain a firm foothold in the international market.