Although the demand for Vietnamese textiles is forecast to rise steadily in the short term, firms are concerned that tight material supply will impede their export plans.
Container and warehouse shortages and surging container shipping costs have hit the textile and garment industry hard, insiders told a seminar in HCM City.
Besides satisfying rules of origin, Vietnamese firms must also follow global standards of corporate social responsibility to take advantage of tariff benefits brought by FTAs.
The Ministry of Industry and Trade (MoIT) on Thursday officially launched an electronic certificate of eligibility (C/E) issuance system for garment and textile exports to Mexico.
On January 14, the Comprehensive and Progressive Agreement for Trans-Pacific Partner (CPTPP) came into effect in Viet Nam, two weeks after six Pacific Basin Countries, Australia, Canada, Japan, Mexico, New Zealand, and Singapore, adopted it.
India is strong in fibre and yarn production and Viet Nam is dependent on import of feedstock for its textile industry, and so they could both benefit by co-operation.
The Viet Nam Textile and Apparel Association (Vitas) denied the
information that Cambodia had surpassed Viet Nam in garment and textile
exports to the European Union (EU).
Garment and textile exports are expected to rise by 15-16 per cent this
year to between US$24.5 billion and 25 billion, according to the Viet
Nam Textile and Apparel Association.
Garment and textile businesses should assume defensive postures to
maintain market share and tighten up operations, as a precaution against
decline, said Hoang Ve Dung, deputy general director of the Viet
Nam National Textile and Garment Group (Vinatex).