“VNA” reported on December 12 that VU DUC GIANG, Chairman of the Vietnam Textile Association, said at the 6th Vietnam Textile Association Conference and 2020 Summary Conference that Vietnam’s textile exports in 2019 were 38.9 billion US dollars, the export volume in 2020 is expected to be approximately US$35.2 billion, and the export target by 2025 is US$55 billion, including 3.5 billion square meters of fabric exports and 8,500 types of clothing exports. Strive to achieve a trade surplus of US$33 billion by 2025, with an average annual growth rate of approximately 11.6% from 2021 to 2025.
In order to achieve this goal, the Chairman of the Vietnam Textile Association said that in the 2020-2025 stage, the association will be committed to synthesizing, researching and proposing insufficient policies and regulations to the government and ministries. mechanism; play a role among member companies to form a textile supply chain that meets the origin requirements of the free trade agreement; connect domestic schools and research institutes with companies to train high-quality human resources.
The Chairman of the Vietnam Textile Association said that he will recommend that the Ministry of Industry and Trade of Vietnam submit the “Vietnam Textile and Garment Industry Development Strategy to 2030 Vision 2035” to the government for approval as soon as possible, which includes national plans and the construction of large-scale textile and garment industrial zones. Infrastructure, build centralized wastewater treatment systems to attract dyeing projects; prioritize projects with advanced technologies. At the same time, the government and ministries should continue to reform administrative procedures, eliminate difficulties, ensure a smooth business investment environment, and reduce business costs. The association suggested that the Ministry of Finance of Vietnam should study and recommend to the government the elimination of value-added tax for companies that use domestically produced fabrics for processing and export, so as to create conditions for the formation of connecting chains.
Vietnam’s “Youth Online” reported on December 13 that Vietnam and South Korea signed the “Vietnam-EU Free Trade Agreement” (EVFTA). Origin Agreement.
The Ministry of Industry and Trade of Vietnam stated that this is a particularly important agreement for Vietnamese enterprises to assist enterprises in using high-quality textile raw materials produced in South Korea and eliminate the export of textile raw materials to the EU. The bottleneck of origin is that South Korea has also signed a free trade agreement with the EU.
According to EVFTA regulations, in addition to meeting strict quality standards, in order to enjoy the benefits of reduced tariffs, companies must also ensure strict origin requirements, among which the “starting from cloth” rules of origin requirements are used The fabric used to make the garment must be woven in Vietnam or an EU member state.
According to data from the Ministry of Industry and Trade of Vietnam, the EU is the market with the largest demand for textiles and clothing, with annual imports exceeding US$250 billion. However, Vietnam’s textile and apparel exports to the EU are still very small. In 2019, the export volume was only US$4.3 billion, accounting for 2% of the EU market share.
Experts estimate that if EVFTA comes into effect, by 2025, Vietnam’s textile and apparel exports to the EU market will increase by approximately 67% compared with before signing.
The Ministry of Industry and Trade of Vietnam stated that signing the above-mentioned agreement on the accumulation of origins with South Korea is “very necessary and timely” to help Vietnamese companies solve their difficulties immediately and take advantage of the opportunity to export textiles and clothing to the EU market as soon as possible.
According to a report by Vietnam’s “Customs News” on November 20, the General Administration of Vietnam Customs recently announced that as of the end of October, Vietnam’s total imports reached US$210.3 billion, a slight increase of 0.3% year-on-year. , equivalent to a net increase of US$661 million. In the first 10 months, the commodities with large import volume include: raw materials for the production of services, textiles, clothing and footwear, etc.
The import volume of textile and clothing raw materials (including cotton, textile fibers and yarns, various types of cloth, and accessories for textiles, clothing, leather and footwear, etc.) reached US$15.46 billion, a year-on-year decrease of 13.5%. A reduction of US$2.7 billion. China remains the largest import market, accounting for 50% of total imports despite an 8% decline.
Vietnam’s textile industry may be about to flourish, and Chinese textile raw materials, textile machinery, dyeing and finishing equipment and related supporting enterprises may usher in a wave of dividends. </p
