Vietnam to take Czech route for trade with Eastern Europe

25 Aug '15
3 min read

Vietnamese apparel and footwear industry is looking for opportunities to re-enter Eastern Europe through the Czech Republic, the country's newspapers have reported.

Representatives of Hanoi apparel and footwear businesses met Czech entrepreneurs at a trade promotion workshop in Prague recently to pursue that goal and to boost bilateral trade with that country.

Director of the Hanoi Department of Industry and Trade Le Hong Thang said while opening the workshop that the textile and garment industry is currently the second biggest hard currency earner of Vietnam, raking in over $20.7 billion last year and $10.2 billion in the first half of 2015.

Hanoi earned $11 billion in total shipments in 2014, including roughly $1.6 billion worth of textile and garments. Exports of these commodities to the European Union generated $436 million, which encouraged Hanoi's apparel and footwear sector to participate in an international fashion fair in Brno city from August 22-24.

Thang said the Vietnamese delegation's visit to the Czech Republic was to seek import partners and material suppliers. He pointed out that companies in Hanoi imported more than $662.5 million of fabric, $125.6 million of fibre and $196 million of other materials last year.

Chairman of the Czech Republic-Vietnam Friendship Association Marcel Winter said Vietnam's economy has grown rapidly and dynamically in recent years and has vast cooperation potential. Vietnamese firms produce a number of goods that suit Czech consumer tastes and have demand for quality machinery from the East European country.

"In fact, Vietnam's economy has gained strong growth in recent years and now has great potential in developing further," Winter said. "Vietnamese enterprises have products with good quality for Czech customers, while they need imports of high-quality equipment and machines from Czech Republic."

Both Thang and Winter agreed that Hanoi apparel and footwear companies', as well as Vietnamese firms', return to traditional East European markets via the Czech Republic will benefit both countries.

In recent years, bilateral trade ties have seen positive growth but remain limited despite large potential.

Vietnam's main exports to the Czech Republic include coffee, pepper, fresh and dried fruits, peanuts, green tea, rice, rubber, seafood, footwear, textiles, handicraft products and computer spare parts while importing machinery, chemicals, dairy products, pharmaceuticals and plastics.

The Czech Republic considers Vietnam one of the 12 highest potential markets with trade touching $670 million in 2014. (SH)

Fibre2Fashion News Desk – India

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