Domestic production of garment and textiles has enjoyed robust expansion on the back of new-generation free trade agreements. (Photo: VNA)Hanoi (VNA) – Vietnam’s export turnover of garment-textile andleather shoes during January-July grew 10.5 percent year-on-year to 18.34billion USD, the Ministry of Industry and Trade (MoIT) said on August 9.
According to the ministry, domestic production of garment and textiles hasenjoyed robust expansion on the back of the new-generation free tradeagreements like the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP) and the EU-Vietnam Free Trade Agreement.
Good growth was seen in several key markets, including the US with exportrevenue of over 7 billion USD (up 10 percent), the CPTPP market with 2.5billion USD (up 9 percent), the EU with 1.95 billion USD (up 5 percent), andthe Republic of Korea with 1.4 billion USD (up 7.6 percent).
Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giangsaid the association set the industry’s export turnover for this year at 40 billionUSD, a year-on-year increase of 10.8 percent.
According to Giang, the US will remain the biggest importer, accounting for 42percent of Vietnam’s total exports, followed by the EU (21.5 percent), Japan(19.5 percent), and the Republic of Korea (14 percent). Meanwhile, the MiddleEast will be a new market of Vietnamese garment and textiles.
Regarding the leather and footwear sector, some 161.4 million pairs of shoes wereproduced during the seven-month period, increasing 7.1 percent from the same timelast year. Exports of footwear rose 13.8 percent to an estimated 10.4 billionUSD.
The MoIT said foreign-invested businesses contributed significantly to theexport growth of garment-textile and leather shoes. In long term, localbusinesses should outline solutions to engage in global value chains to gaincompetitive edge over their rivals from Cambodia and Bangladesh.
Besides, experts recommended Vietnamese enterprises should work together toform a complete production chain so as to satisfy the rules of origin of thetrade deals that Vietnam is a member. They said the move is significant for thefirms to take full advantage of the preferences brought back by the tradepacts.-VNA
VNA
