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FTA with EEU to boost Vietnamese clothing exports
17 Mar '16
1 min read
The free trade agreement (FTA) between Vietnam and the five-nation Eurasian Economic Union (EEU) last year will boost Vietnamese clothing exports, especially to Russia.
In 2015, Vietnam accounted for just 2 per cent or $350 million of the nearly $13 billion worth of clothing and textiles imported by Russia, Maxim Golikov from Russian Trade Representative Agency in Vietnam said during a meeting with representatives of the Vietnam National Textile and Garment Group (Vinatex) in Hanoi, Vietnamese media reported.
Vinatex general director Le Tien Truong said the Vietnam-EEU FTA will help the Southeast Asian nation to increase its market share in Russian clothing and textile market to 10 per cent or $1.3 billion in terms of value.
Besides Russia, the EEU consists of Armenia, Belarus, Kazakhstan and Kyrgyzstan. (RKS)
Fibre2Fashion News Desk – India
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