Textile

Preferential treatments from the EU-Vietnam Free Trade Agreement (EVFTA) have been best utilized by Vietnamese enterprises among trade deals of which the country is a party.

Testing and vaccination for workers are headaches of enterprises at the moment.

Vietnam has leapfrogged Bangladesh to become the world’s second-largest exporter of clothing in 2020 with a turnover of US$29 billion, down 7% year-on-year, according to the World Trade Organization.

Eight business sectors, including hospitality services, retail, garment, car manufacturing, agriculture, logistics, aviation, and IT are facing an unprecedented crisis.

Among US’ leading suppliers of textile and apparel, China continues to lose its market share (33% in 2019 to 28% in 2020) while Vietnam is the largest gainer (13% to 15%).

In total, Vietnamese enterprises exported over 1.3 billion medical face masks in the first 11 months of 2020.

Mexico, Chile and Peru were three countries that Vietnam recorded the highest trade surplus in the Latin American in 2019.

The Vietnamese garment factories are persuading international brands to use domestic fabrics and raw materials.

The RCEP with flexible rule of origins is seen as a plus point for Vietnam’s textile industry to further penetrate potential markets.

Digital transformation in corporate governance and management is needed for local textile firms to enhance efficiency in a new normal, Prime Minister Nguyen Xuan Phuc has said.