To curb dependence on imports, and to establish a strong foothold in the European market Do Van Hau, GM, Vietnam Oil and Gas Group (Petrovietnam) and Le Tien Truong, DG, Vinatex recently met to discuss business in the first six months of 2014. They also discussed various ways of promoting mass consumption of products, particularly cooperation in the production of fibres, and the supply of polyester fibres to the textile industry.
Vinatex aims to gradually increase the quantity of domestic raw materials in textile end-products meant for exports as it would amount to increased profits and foreign currency for the country as it has invested in raw material production for its garment sector, in light of the expected trans-pacific partnership (TPP) and other agreements, which follow yarn-forward principle for eligibility of garments to avail duty-free facility.
Vietnam may sign an FTA with the European Union this year, which would provide many advantages for Vietnam’s export products, especially textiles. Vietnam is also considering signing an FTA with the Customs Union of Russia, Belarus and Kazakhstan.