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.
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