Home / Knowledge / News / Apparel/Garments / FTA to boost Vietnam's garment exports to Customs Union
FTA to boost Vietnam's garment exports to Customs Union
28
Mar '14
Vietnam and the Customs Union, currently comprising of Russia, Belarus and Kazakhstan, are expected to complete negotiations for a free trade agreement (FTA) this year, giving a boost to Vietnam’s garment exports, Vietnam Plus reported citing a report by the Ministry of Industry and Trade's Vietnam Economic Times.
 
So far, both sides have completed four rounds of negotiations for the FTA, and the fifth round of talks are scheduled to take place from next week. Both sides expect the negotiation process to get completed in the later part of the current year, according to the report.
 
The FTA is expected to remove or relax many non-tariff barriers, including customs procedures, payment of goods and technical regulations, for the Vietnamese goods for entry in the Customs Union market. In addition, many taxes would be reduced, paving way for Vietnamese businesses to have greater access to a large market with preferential tariffs.
 
Last year, Vietnamese textile and garment exports to Russia were valued at US$ 135.6 million, registering a growth of 11.02 percent year-on-year, according to the data from the Vietnam Customs.
 
Russia has a population of 143 million, and with the expected signing of the FTA, it would become a key market for Vietnamese textile and clothing exports in future, according to the Vietnam National Textile and Garment Group (Vinatex).
 
Pham Quang Niem, Vietnam’s Trade Counselor in Russia, however, warns that Vietnamese businesses would face severe competition from other countries providing similar products, as Russia is an open and easy-to-please market.
 
He suggested that Vietnamese apparel enterprises would have to assure a high product quality, improve their product design, and also register their product trademarks in Russia.
 

Fibre2fashion News Desk - India


Must ReadView All

GMAC urges Cambodia to push fabric-forward rule in RCEP

Apparel/Garments | On 17th Oct 2017

GMAC urges Cambodia to push fabric-forward rule in RCEP

Representatives from the Garment Manufacturers Association of...

Alibaba to invest $15 billion in DAMO Academy for research

Textiles | On 17th Oct 2017

Alibaba to invest $15 billion in DAMO Academy for research

Alibaba will invest $15 billion over the next several years in its...

Pressure on  Indian textiles exporters to ease by Q3: ICRA

Textiles | On 17th Oct 2017

Pressure on Indian textiles exporters to ease by Q3: ICRA

Pressures on the profit and debt levels of textiles exporters is...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.3%
No
13.6%
Skip
9.1%

Total Votes: 66

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
60.6%
No
28.8%
Skip
10.6%

Total Votes: 66

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
84.8%
No
10.6%
Skip
4.5%

Total Votes: 66

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
74.2%
No
12.1%
Skip
13.6%

Total Votes: 66


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search