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Vietnam sees good year for exports

Vietnam's garment and textile export sector anticipates a good year ahead mainly because of the imminent free trade agreements. One is the agreement with the European Union, which will cut the tariff rate from the current 12 per cent to zero. Another is the Trans-Pacific Partnership, which would also bring in opportunities for the garment and textile companies to expand markets, especially in the US.

The current tax rates imposed on Vietnamese garment and textile products exported to the US are approximately 17 to 18 per cent. The signing of the TPP would cause the tariff to be cut gradually to zero. Also expected is a free trade agreement with Russia. As a result the garment and textile export industry anticipates a good year in 2015 and feels the export turnover could possibly exceed $24.5 billion.

The impending free trade agreements have helped attract importers, who want to take advantage of the agreements, to transfer orders from other countries to Vietnam. However, Vietnamese firms need to enhance their competitiveness to improve their position in the global garment and textile value chain. They also need to improve their quality to meet the requirements of import countries and to adhere to the guidelines set by the agreements.

Last modified on Wednesday, 31 December 2014 10:17


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