The country’s major export markets include the US, Japan and the Republic of Korea (RoK) with exports to the RoK enjoying impressive growth of 25 percent, almost twice as much as to the EU. Truong said many domestic businesses have invested in equipment and workforce to catch up with the shift of Japanese importers to other countries. By far, they all have received adequate orders for production up until the end of the first or second quarters of the year. The garment sector is seeking to approach new markets like Russia, Eastern Europe and the Middle East, he added. This is high hope for a boom in factory orders when the Trans-Pacific Partnership (TPP), ASEAN and Vietnam-China free trade agreements and the Vietnam-EU bilateral trade agreement bring duties for Vietnamese garment exports to these markets down to 0 percent.
- Footwear, handbag sector targets export revenue of 24 billion USD
- Complying with origin rules critical for garment exports
- Vietnam’s foreign reserves reach US$63 billion
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- Textile and garment companies need more orders for 2020
- Central China province exports mushrooms to Russia via sea-rail freight service
- RoK seeks stronger ties with ASEAN to accelerate RCEP
- Domestic companies earn US$33 billion from Jan-June exports
- Wood processing industry targets 20 billion USD in export by 2025
- Forestry industry aims at exports of $20 billion by 2025
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