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

Robert Lighthizer speaking at the opening of the ministerial plenary of the 16th Forum of AGOA, in Lome. Courtesy: US Embassy in Togo

Textiles | On 17th Aug 2017

US committed to Africa, Lighthizer tells AGOA forum

The United States and Africa can jointly create a better business...

Textiles | On 17th Aug 2017

Sri Lankan textile exports down 4.1% in May 2017

After showing positive trend for two consecutive months, Sri Lankan...

Courtesy: CBEC

Textiles | On 17th Aug 2017

E-commerce firms need to file monthly statements: CBEC

India’s Central Board of Excise and Customs (CBEC) has clarified that ...

Interviews View All

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Mark Paterson
Technical Absorbents Ltd

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

Steve Cole
Xerium Technologies

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

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Prathyusha Garimella
Prathyusha Garimella

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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

August 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
69.0%
No
17.2%
Skip
13.8%

Total Votes: 29

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
41.4%
No
37.9%
Skip
20.7%

Total Votes: 29

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
82.8%
No
6.9%
Skip
10.3%

Total Votes: 29

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
58.6%
No
10.3%
Skip
31.0%

Total Votes: 29


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



X