Textile

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.

Vietnam’s textile and apparel exports in 2020 are set to decrease by 10% against 2019 to US$35 billion.

While Vietnam is on track to witness the strongest growth in ASEAN this year, a weakening job market is the biggest risk to its economic recovery.

This is the second FTA that the EU has ever made with a Southeast Asian country, after Singapore.

Vietnam would remain a prime candidate for gains over the near term, according to Fitch Solutions.

EVFTA provides a means of market diversification for EU and Vietnamese businesses.