FTAs help garment-textile firms diversify export markets
Free trade agreements (FTAs) that Vietnam has signed and is going to sign have helped local firms diversity their export markets, according to Chairman of the Vietnam Textile and Apparel Association Vu Duc Giang.
In 2017, the garment-textile sector raked in 31.2 billion USD from exports, a year-on-year rise of 10.23 percent (Photo: VNA)
Hanoi (VNA) – Free trade agreements(FTAs) that Vietnam has signed and is going to sign have helped local firmsdiversity their export markets, according to Chairman of the Vietnam Textileand Apparel Association Vu Duc Giang.
He said Vietnam is exportinggarment-textiles to the US, the European Union (EU), Japan and the Republic ofKorea.
Apart from those traditional markets, Vietnamesefirms are pushing exports to new markets such as China and Russia, with exportturnover projected to exceed 2 billion USD and about 500 million USD in 2018 ineach of the countries respectively.
Most domestic garment-textile businesses havereceived orders for the second and third quarters of 2018, he added.
The garment-textile sector has exported morethan 3 billion USD worth of yarn, nearly one billion USD worth of fabric and400 million USD worth of garment accessories.
Particularly, the fourth industrial revolutionhas changed the mindset of businesses in regards to technology investment,Giang said.
Garment-textile companies have paid moreattention to developing human resources and using technology to create qualityproducts.
The selection of high value production segmentshelps such as Original Design Manufacturing and Own Brand Manufacturing hashelped Vietnam continue making differences in the global market, he said.
In addition to investment in new technology,some big enterprises such as Phong Phu Joint Stock Company and Garment-10 JointStock Company are seeking to export through online sales.
This is considered a cheap and quick way to sendproducts to customers in foreign countries, according to Doan Anh Dao, amarketing and sales representative from Phong Phu Joint Stock Company.
In 2017, the garment-textile sector raked in 31.2billion USD from exports, a year-on-year rise of 10.23 percent.
In the year, Vietnam’s garment-textile exportsto major markets like the US, the EU, Japan, the Republic of Korea and Russiaincreased by 7.2 percent, 9.23 percent, 6.1 percent, 11.8 percent and 56percent, respectively.
In the first quarter of 2018, the sector is expected to seeexport growth of nearly 7 percent. It targets 35billion USD in export turnover by the end of this year.-VNA
Vietnam’s exports of textile and garment in the last two months of 2017 was estimated at 5.27 billion USD, bringing the total export revenue this year to 31 billion USD, a year-on-year increase of 10.23 percent.
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In 2017, the garment-textile sector raked in 31.2 billion USD from exports, a year-on-year rise of 10.23 percent (Photo: VNA) 
