By Phuong Nguyen For Tran Nhu Tung, Vietnam’s newly signed free trade deal with the European Union presents both huge opportunity, and a logistical headache. The vice chairman of Thanh Cong Textile Garment Investment Trading (TCM) in Ho Chi Minh City is planning a rapid expansion in anticipation of the influx of orders the tariff-slashing EU-Vietnam Free Trade Agreement (EVFTA) promises to bring. “The EVFTA is the game changer that will pave the way for Vietnamese garments to dominate the European market,” Tung said amid the clack of thousands of sewing machines in the metal-roofed factory on the outskirts of Vietnam’s commercial centre. Analysts say garments worth around 10 per cent of Vietnam’s exports and currently subject to EU tariffs of around nine per cent, will be by far the biggest beneficiary of the EVFTA finalised last month. The EU is already Vietnam’s second largest garment market after the United States, accounting for 15 per cent of the country’s total garment exports last year, Vietnam Customs data shows. Tung expects orders at his factory, which produces company uniforms and sportswear, to increase by at least 15 per cent once the EVFTA, which will reduce duties on nearly half of all… Read full this story
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