Home / Knowledge / News / Apparel/Garments / Vietnam set to leverage Eurasian trade deal
Vietnam set to leverage Eurasian trade deal
23
Jun '15
The Vietnam-Eurasian Economic Union Free Trade Agreement signed last month is expected to offer ample opportunities and tough challenges to Vietnamese businesses, according to the Vietnamese News Agency.

The agreement will give Vietnam great opportunities to sell strong products to the Eurasian Economic Union (EEU) comprising Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan. Aquatic products, garments, and leather will be the key beneficiaries of the deal as they enjoy zero per cent tariff.

Dang Phuong Dung, vice president and secretary general of the Vietnam Textile Association (VITAS), said that Vietnam had an average export value of about $17 million in garment products to each member countries of the EEU prior to the signing the free trade pact with the Union. That figure accounted for 2 per cent of the total national export value of textile and garment, partly due to high tax rates for imported garments to the countries.

She is upbeat about Vietnamese textile and garments' market share in the union after the pact, predicting that the two-way garment trade will grow by 50 per cent in the first year of the agreement's implementation and 20 per cent over the next five years, the VNA report said.

Vietnam would become the union's fourth biggest provider of apparel from the current eighth place, Dung said.

She said that following the signing of free trade deals between Vietnam and South Korea, the EEU and the EU, a wave of foreign capital had entered the garment and textile sector from the start of this year, broadening opportunities for Vietnamese products.

Dung remarked that the agreements would create favourable conditions for Vietnamese enterprises and products to approach foreign markets and enhance trade promotion activities, and enterprises could gain good results right now. They would need time to approach markets and reach agreements with their foreign partners (SH).

Fibre2fashion News Desk – India


Must ReadView All

Textiles | On 23rd Jun 2017

Textile ministry organises training workshop on GST

The ministry of textiles had organised training workshop on GST which ...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Textiles | On 23rd Jun 2017

Ralph Lauren ex-president Tiger of Sweden's new CEO

Hans-Christian Meyer, former president of Ralph Lauren Corporation,...

Interviews View All

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Prathyusha Garimella
Prathyusha Garimella

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

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

news category


Related Categories:
June 2017

June 2017

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

SUBSCRIBE


Browse Our Archives

GO


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