Hanoi (VNA) – Vietnamese textiles firms were updated on the potential prospects, advantages, and barriers that are to brought about by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the European Union-Vietnam Free Trade Agreement (EVFTA) at a workshop in Hanoi on July 18.
Organised by the Vietnam Textile and Apparel Association (VTAA), the event also provided information related to assistance from the Government for the textile and garment industry given the context of the official signing of the CPTTP, and the soon-to-be signed EVFTA which is currently under legal review.
Experts said the EVFTA marks a new generation in free trade agreements (FTAs) between Vietnam and the 28 EU member nations. Of all Vietnam's FTAs with partner regions and countries, those with the EU have been the most committed thus far and as such hold significant importance to local industries.
The CPTPP was officially inked on March 9, 2018 between 11 countries, making it easier for promoting economic growth and opening the market amongst one of the world's largest free trade blocs, with nearly 500 million people and a GDP of over 10 trillion USD, accounting for 13.5 percent of the global GDP.
Meanwhile, the EVFTA is split into two sub-agreements on trade and investment. Both signing parties have officially announced the completion of their legal reviews of the agreement on trade. Of note, Vietnam became the EU's second largest trade partner in ASEAN after Singapore, with a trade value of 47.6 billion EUR (nearly 55.3 billion USD) in 2017.
Tran Thanh Hai, Deputy Director of the Department of Import-Export under the Ministry of Industry and Trade, said there are many great opportunities for Vietnam's textile and garment industry to capture when the agreements take effect.
However, in order to reap the benefits of the CPTPP, Vietnamese textile and garment enterprises will have to face many difficulties, especially in meeting regulations and requirements related to origin of goods, Nam said.
He noted that local firms would also have to overcome challenges in the large and fast investment trends of foreign investors in Vietnam.
The labour productivity of domestic textile and garment businesses remains low, and as such their competitiveness on the international market is still weak compared to foreign rivals.
Vu Duc Giang, Chairman of the VTAA, stressed the need for Vietnamese textile firms to focus on training human resources, renovating production lines, promoting cooperation, and effectively implementing investment projects.
Attention should also be paid to increasing investment in technological application and building specific business and production strategies, which could thus meet strict market requirements, he said. -VNA
- Reclaiming lost glory: Systemic solutions are the need of the hour for modern Indian textile industry
- Time for textiles industry to reorient, stop seeking packages, says Smriti Irani
- Big global demand for fashion masks: Textile producers
- Revival Road Map for India's Once Booming Tourism Industry, Which is Now in Abyss
- 'Vehicle scrappage policy to help generate demand for new vehicles amid coronavirus pandemic'
- Experts discuss future of work at Bennett University's global online conference
- Feature: Bracing for uncertain future, Italy's fashion industry restarts with "enthusiasm and concern"
- UP to bring changes in MSME Act to generate more jobs
- Pakistan's seafood industry demands zero-rating
- Covid-19 Impact: Stylish face mask is the new focal accessory of India’s top fashion brands
- Pharmaceutical industry expected to see positive growth this year: Charu Sehgal, Deloitte India
- COVID-19 impact: Auto component makers may cut $4 billion capex by 2022
- SSCL production to be in tune with industrial activity
- The Latest: Packed room for Anita Hill harassment discussion
- Covid-19 Impact: Karnataka allows microbreweries to sell existing beer stock as takeaway
- Gen Z – the breakthrough generation or the disruptors?
- Vehicle scrappage policy to help generate demand for new vehicles amid coronavirus pandemic
- Coronavirus economic impacts: Younger people could suffer worse economic impacts from COVID-19 pandemic
- Strike a balance between industry and labour | Chanakya
- View: India can not only soften the pandemic’s impact on the economy but also revive growth
Impact of new-generation FTAs on textile industry discussed have 649 words, post on en.vietnamplus.vn at July 18, 2018. This is cached page on Talk Vietnam. If you want remove this page, please contact us.