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Vietnam companies expect sustain export growth

According to the Vietnam Textile and Apparel Association (VITAS), the domestic textile and garment industry is expected to sustain export growth in the coming months as many textile and garment companies had signed contracts to produce export products in the third quarter of this year.

Many Vietnamese garment firms had also sustained high growth in traditional markets such as the United States, the Republic of Korea, the European Union, and member-states of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

A series of recently-signed free trade agreements (FTAs) was expected to further boost the sector.

Vietnam, since 2001, had signed bilateral trade agreements with the US, Japan, China, and the Republic of Korea, as well as Australia, New Zealand, and India, and joined the World Trade Organisation.

However, global demand for textiles and apparel only grew by 1 to 2 per cent each year, resulting in fierce competition.

 

 
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