Home / Knowledge / News / Textiles / FTAs to boost SME sector growth in Vietnam
FTAs to boost SME sector growth in Vietnam
29
Jan '16
The two major Free Trade Agreements (FTAs) – Trans Pacific Partnership (TPP) pact and EU-Vietnam Free Trade Agreement (EVFTA) – will give a boost to the small and medium enterprises (SME) sector in Vietnam owing to the advantages associated with it, according to economist Pham Chi Lan, according to Vietnamese media reports.

The two FTAs will lead to a diversified supply and lower import costs for the SME sector by eliminating international trade barriers, Lan said at a conference on TPP and EVFTA, organised in Ha Noi. The FTAs will boost investments in the country, increase the market share of Vietnamese companies globally and enhance the overall quality of Vietnamese textile products.

Vietnamese small and medium companies saw a decrease in market demand in 2015, and some SMEs had to shut down as a result, according to a leading Vietnamese portal. Some SMEs had to reduce their prices in the international market owing to competition from other textile producing countries.

EVFTA is likely to increase Vietnam's export turnover by 3-6 per cent, as it will eliminate export duties on several items in the next 8-10 years. On the other hand, the implementation of the TPP is likely to increase the country's export by around 30 per cent and improve the country's GDP by around 10 per cent. (MCJ)

Fibre2Fashion News Desk - India

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Apparel/Garments | On 25th Mar 2017

Net sales at Christopher & Banks fall 10% in Q4

Net sales totalled $85.0 million for the fourth quarter ended January ...

Courtesy: Li & Fung

Textiles | On 24th Mar 2017

Li & Fung forms new supply chain partnership with PVH Corp

Li & Fung Limited, the world's leader in consumer goods design,...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Sanjay Yagnik
Maa Tex Speciality

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

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Prathyusha Garimella
Prathyusha Garimella

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

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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:
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search