Vietnamese textile industry experts feel that immediate Brexit impacts on the market are unlikely. No significant impact will be there on the textile trade too, as the UK currently accounts for only 3 per cent of Vietnam’s textile export to the EU.
As far as bilateral trade ties between Vietnam and the UK are concerned, experts are of the opinion that the situation will remain a little tough at the moment, but there will be no major impacts from the Brexit in long term. Vu Duc Giang, Chairman of Vietnam Textile and Apparel Association (VITAS) is of the opinion that UK’s decision to leave the EU will have certain impacts on the roadmap to realize the free trade agreement between Vietnam and the EU in the coming time. In the immediate term, export orders to the UK are unfazed. There will certainly changes in the longer term but I believe there will be no severe impact for Vietnam’s textile industry.”
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On the other side, leather and handbag industry will also remain unaffected… Nguyen Duc Thanh, Chairman of Vietnam Leather, Footwear and Handbag Association (LEFASO) says that compared with other EU countries, the UK also accounts for a modest share of Vietnam’s footwear export, so the impacts, if any, will not be significant.
