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Vietnam targets US$200 bn garment, textile exports by 2035 With import tax cuts presented by free trade agreements (FTAs) to which, Vietnam is a member, increasing automation in production and quite favourable factors in the world market, the country’s garment and textile exports are forecast to hit US$200 billion by 2035. Vu Duc Giang, president of Vietnam Textile and Apparel Association (VITAS), says the US remains Vietnam’s largest garment importer, trailed by the EU and member countries of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). Giang optimistically told the Japanese and Vietnamese media that the garment sector is likely to earn US$34.5 billion from exports this year. It is expected that after the CPTPP comes into effect in August 2018 and export taxes drop to zero, the country’s garment exports will surge by 3% compared to the estimated figure because Canada, Australia, Mexico, and New Zealand, major importers, currently import about … [Read more...] about BUSINESS IN BRIEF 16/6

Wood furniture firms advised to optimise domestic materials The world’s wooden interior décor market is predicted to grow 3.5 percent in 2018 and continue expanding, bringing chances for Vietnamese businesses to raise exports of the products. If Vietnamese businesses optimise the material sources they have and make the best use of trade promotion activities, their export earnings can surpass 8 billion USD.  According to Huynh Van Hanh, Vice President of the Handicraft and Wood Industry Association of Ho Chi Minh City, in the past 15 years, the wood industry has maintained the growth rate of 8-15 percent a year despite world economic fluctuation. The biggest issue of the wood processing enterprises in Vietnam is they are focusing on a market section with low added value, mostly concentrating on outsourcing for foreign clients. To further develop the domestic wood sector, the businesses should pay attention to a higher target of selling abroad the whole space of high-end … [Read more...] about BUSINESS IN BRIEF 14/6

VN garment sector to boost export growth The domestic textile and garment industry is expected to sustain growth in exports in the coming months, according to the Viet Nam Textile and Apparel Association (VITAS). Truong Van Cam, VITAS vice chairman and general secretary, said 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 this year 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). Cam said a series of recently-signed free trade agreements (FTAs) was expected to boost the sector. Since 2001, Viet Nam 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 … [Read more...] about BUSINESS IN BRIEF 6/6