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Friday, February 23, 2024

Vietnam textile & garment exports benefit from joining APEC

Since joining the Asia-Pacific Economic Cooperation (APEC) trade bloc 25 years back, Vietnam’s textile and garment industry has been able to reap many dividends

The biggest reason is that there is an open market among member countries of the APEC and member countries can export duty-free or at reduced duties to each other, but are subject to quotas.

Joining APEC has resulted in the US becoming one of Vietnam’s largest textile and garment export markets accounting for 40 percent of exports from the industry.

Most Vietnamese textile and garment units were state-owned, but with an infusion of capital from various APEC countries, private companies now are in the majority and have helped them transform from medium to large scale.

But at the same time, Vietnamese textile and garment companies have to achieve more sustainable means of production and meet the norms of the importing APEC countries.

Vietnamese companies need to invest to adapt to importers’ requirements for green and sustainable development, economical use of energy and renewable energy, while meeting environmental norms.

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