A delegation of the Vietnam National Textile and Garment Group (Vinatex) made a fact-finding trip to Armenia in late August to seek partners to develop production projects as Vietnam is the first country to sign a free trade agreement with the Eurasian Economic Union (EAEU) that includes Armenia.
Hanoi (VNA) – A delegation of the Vietnam NationalTextile and Garment Group (Vinatex) made a fact-finding trip to Armenia in lateAugust to seek partners to develop production projects as Vietnam is the firstcountry to sign a free trade agreement with the Eurasian Economic Union (EAEU)that includes Armenia.
Vinatex General Director Le Tien Truong saidduring their stay, the group’s representatives held working sessions with adeputy foreign minister, the minister of economic development and investment,and some major businesses in Yerevan capital city of Armenia.
He said Vinatex will consider production andbusiness cooperation with big companies of Armenia that have already had distributionnetworks in Russia and the EU. In the initial stage, the group will mainly contributemachinery and production administration.
At the meetings, the Armenian Governmentexpressed its desire to cooperate with major firms with much experience in productionmanagement like Vinatex so as to revive the local garment industry and boostexport.
It also promised to encourage investmentattraction, create favourable conditions for foreign investors, and providespecial mechanisms for Vietnamese investors through cooperation policies,multilateral and bilateral cooperation agreements, and granting of work visas,Truong added.
According to Vinatex, 94 businesses areoperating in the textiles and garment industry of Armenia. The country exported50 million USD and imported 170 million USD worth of textile and garmentproducts in 2014.
Despite their small and outdated scale, Armenianfirms have experience in working with big fashion brands of Italy and Germanysuch as La Perla, Moncler, Armani and Porsche.
The country has also benefited from a number oftax incentives thanks to free trade agreements when its products enter theRussian or EU markets.-VNA
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