The earthquake in Japan has lead to a fall in Vietnamese exports to Japan, following which, local exporters in Vietnam are now eyeing new segments in the EU and US markets.
However, experts have suggested that, prior to investing in new markets the exporters need to gain sufficient knowledge regarding the new rules that have been implemented in the US and the EU.
Le Van Dao, General Secretary of the Vietnam Textile and Apparel Association (Vitas) said that, in addition to price and quality traits, the EU market is likely to get choosier with regards to imports, this year.
Goods meant for export to the EU need to meet with the EU's regulations pertaining to environmental protection and social responsibility.
As stated by Vitas, this year, the EU customers are likely to choose knitted fabric items, which have registered an average growth rate of two percent per annum in the EU markets, over the last few years.
EU markets consume up to around €120 billion or US $173.28 billion worth of goods each year, which constitutes around 45 percent of the overall global consumption. Consumption of France, Germany, Italy, Spain and Britain jointly comes to around 74 percent of the EU's overall consumption volume.
Fibre2fashion News Desk - India
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