According to Vu Duc Giang, Chairman of Vietnam Textile and Apparel Association (VITAS), Vietnam is negotiating for the Regional Comprehensive Economic Partnership (RCEP), which may bring innumerable benefits to the country’s garment and textile sector in terms of cost, market scale, and supply of materials.
The local Bao Cong Thuong (Industry and Trade News) online newspaper quoted Giang as remarking that the RCEP membership will be a huge boost for Vietnamese garment and textile industry as the country will not have to bear many trade barriers. The RCEP covers 16 countries, including 10 members of the Association of the Southeast Asian Nations and their regional trading partners of India, Japan, China, South Korea, Australia and New Zealand.
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To date, Vietnamese firms have had orders till the end of August 2017 as mentioned by the chairman of VITAS. Giang predicts that the garment and textile exports from Vietnam would experience a growth of 13-14 per cent in 2017, compared to 9.2 per cent in 2016.
However, Giang adds that the deeper the integration is, the fiercer the competition will be and thereby urges local companies to enhance management to ensure providing products with more competitive price, excellent quality and shorter delivery time.
