BUSINESS NEWS HEADLINES MAY 11

Garment sector focuses on potential markets Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang has said the sector will focus on new potential markets to achieve an average growth of 6 percent each year during the 2020 – 2025 period. They include members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the European Union – Vietnam Free Trade Agreement (EVFTA), as well as the Regional Comprehensive Economic Partnership (RCEP) in the near future. Giang said the sector’s growth is likely to be 5 percent less than that recorded in 2019 if COVID-19 is under control in the second quarter. According to him, the pandemic afforded businesses a chance to step up digital transformation, and produce masks in large quantity to meet domestic and foreign demand, thus creating jobs and increasing workers’ income. They have also invested in emission-free stages such as fiber production and waterless dyeing so as to meet criteria of the global supply chain. At a conference with the Prime Minister on May 9 morning, VITAS offered suggestions related to taxation and administrative procedures to tackle difficulties faced by firms. It proposed the Ministry of Industry and Trade soon submit the… Read full this story

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