With its series of recent free trade agreements, Viet Nam is becoming very attractive to foreign businesses, especially in the textile and garment sector.
The textile and garment sector enters the second quarter (Q2) of this year with promising signs from new import markets, said General Director of the Viet Nam Textile and Garment Group (Vinatex) Le Tien Truong.
Viet Nam''s local garment industry, which until now did not have much of a
role to play, has revamped its production process to join the global
supply chain, experts said.
The country''s total export and import turnover reached US$88.4 billion
by April 15, a year-on-year increase of 13.9 per cent, according to the
General Department of Viet Nam Customs.
Vietnamese garment and textile companies are targeting total export
turnover of an estimated US$3 billion to South Korea this year, Viet Nam Investment Review reported yesterday.
Foreign investment in the textile and garment sector is increasing
rapidly as international firms seek to take advantage of the benefits
Viet Nam''s will potentially derive when the Trans-Pacific Partnership
Agreement comes into being.
The Hoa Binh province generated over US$27 million from exports in Q1
2014, representing a 40 per cent year-on-year increase or accomplishing
19 per cent of its yearly target.
The garment sector exported accessories for the first time last year,
after decades of importing accessories as inputs, according to the Viet
Nam Garment and Textile Group (Vinatex).
Participation in the Trans-Pacific Partnership Agreement (TPP) would
favourable conditions to boost Viet Nam''s textile and garment
sector as the third key industry of the country.