CPTPP, EVFTA help Vietnam’s garment-textile lure investment
Friday, August 3,2018AsemconnectVietnam - Free trade agreements, particularly the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), are the driving force to attract big investments in Vietnam’s garment-textile industry.
According to Giang, although the two agreements have yet come into force, they have created great attraction to foreign investors.
In the first six months of 2018, Vietnam lured US$2.8 billion in foreign direct investment (FDI) in garment-textile, bringing the total FDI in the sector to nearly US$17.5 billion.
A considerable number of large-scale projects were carried out in the first half of the year including a German-invested sheep wool yarn spinning plant in the Central Highlands city of Da Lat and an US-invested yarn production plant in the southern province of Dong Nai.
Many Vietnamese firms have invested in material production projects, which are the key to solving the country’s dependence on importing garment-textile materials in the coming years as well as helping Vietnam reduce production cost and increase competitiveness, Giang said.
Apart from drawing investment, CPTPP and EVFTA have helped change the structure of export markets of Vietnamese garment-textile products in recent years, he added.
Previously, many businesses from Canada, Australia and New Zealand just focused on the Chinese market, but now they have studied Vietnamese garment-textile products with the signing of specific orders, he noted.
Vuong Duc Anh from the Ministry of Industry and Trade’s Import-Export Department, said there are huge opportunities for the garment-textile sector once the CPTPP and EVFTA take into effect.
However, to optimise benefits from the agreements, Vietnamese firms have to overcome some challenges such as the competitive pressure from FDI companies and the strict rules of origin, he said.
Besides proactively approaching to new markets, local businesses should pay more attention to the origin of products and improving quality to secure orders and maintain long-term partnership with foreign enterprises, he suggested.
Source: vov.vn
Indian research intern: Vietnam’s clean energy transition accelerates
Nordic countries share green solutions for circular economy with Vietnam
Vietnam promotes negotiations of FTA with Mercosur
Vietnamese, Dutch localities step up cooperation
Vietnam joins Multilateral Convention to tackle tax evasion and avoidance
Vietnam, Mexico see ample room for trade cooperation: workshop
Hoa Binh province exports first batch of fresh sugarcane to US
Aviation firms ready to welcome Chinese tourists
Vietnam, South Africa explore cooperation potential
Mong Cai int’l border gate facilitates Vietnam’s exports to China
Vietnam’s trade with top 11 Asian markets is set to grow significantly
Foreign direct investment projects go green
Vietnam has dual opportunity from offshore wind power: Danish Ambassador
Mini Thailand Week kicks off in Quang Ninh
Plan on implementing Decision No. 327/QD-TTG dated March ...
Concretize viewpoints, objectives, tasks and solutions of the plan in accordance with practical conditions of the locality, associating ...Plan on implementing national environmental protection ...
Implementation plan of marine aquaculture development ...
Program on conservation and development of Vietnamese ...
Plan on improving quality of human resources to 2025 and ...
Efforts taken to turn culinary culture into national ...
The Vietnam Cuisine Culture Association (VCCA) is taking steps to implement a project to build and develop Vietnamese culinary culture ...Vietnamese cuisine making a name for itself with ...
Vietnam advance to next round of AFC U20 Women’s Asian Cup
Cultural tourism and traditional values promoted through ...