Home Textile Vietnam’s textile & garment industry expect big benefits from EVFTA

Vietnam’s textile & garment industry expect big benefits from EVFTA

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VietNamNet Bridge, previously known as the EU-Vietnam FTA (EVFTA) is signed and the tariff is cut to 0%, textile and garment exports to the market may obtain 7-8% growth rate per annum. The statement is given by the experts.

Vo Van Kien Nhan from Viet Tien Garment JSC said that he is looking forward to the signing of EVFTA and puts high hopes on the agreement, though he anticipates serious competition from foreign brands such as Zara and H&M. The preparations for the signing of EVFTA are nearly completed. Deputy PM Vuong Dinh Hue said at a recent event that only some technical issues need to be fixed. “I believe that with goodwill on both sides, the issues will be settled before the summer so that the agreement can be inked,” he said.

Vitas’ chair Vu Duc Giang said the target of $36 billion worth of exports this year is within reach thanks to the FTAs. A research team from Rong Viet emphasized the big benefits of EVFTA in the immediate time, saying that Vietnam will also enjoy benefits from CPTPP, but it will take time.