FTAs help garment-textile firms diversify export markets

4/5/2018 - 8:50:55 AM

Free trade agreements (FTAs) that Vietnam has signed and is going to sign have helped local firms diversity their export markets, according to Chairman of the Vietnam Textile and Apparel Association Vu Duc Giang.

In 2017, the garment-textile sector raked in $31.2 billion from exports, a year-on-year rise of 10.23 percent (Photo: VNA)

He said Vietnam is exporting garment-textiles to the US, the European Union (EU), Japan and the Republic of Korea.

Apart from those traditional markets, Vietnamese firms are pushing exports to new markets such as China and Russia, with export turnover projected to exceed $2 billion and about $500 million in 2018 in each of the countries respectively.

Most domestic garment-textile businesses have received orders for the second and third quarters of 2018, he added.

The garment-textile sector has exported more than $3 billion worth of yarn, nearly $1 billion worth of fabric and $400 million worth of garment accessories.

Particularly, the fourth industrial revolution has changed the mindset of businesses in regards to technology investment, Giang said.

Garment-textile companies have paid more attention to developing human resources and using technology to create quality products.

The selection of high value production segments helps such as Original Design Manufacturing and Own Brand Manufacturing has helped Vietnam continue making differences in the global market, he said.

In addition to investment in new technology, some big enterprises such as Phong Phu joint Stock Company and Garment-10 joint Stock Company are seeking to export through online sales.

This is considered a cheap and quick way to send products to customers in foreign countries, according to Doan Anh Dao, a marketing and sales representative from Phong Phu joint Stock Company.

In 2017, the garment-textile sector raked in $31.2 billion from exports, a year-on-year rise of 10.23 percent.

In the year, Vietnam’s garment-textile exports to major markets like the US, the EU, Japan, the Republic of Korea and Russia increased by 7.2 percent, 9.23 percent, 6.1 percent, 11.8 percent and 56 percent, respectively.

In the first quarter of 2018, the sector is expected to see export growth of nearly 7 percent. It targets $35 billion in export turnover by the end of this year.

Source: SGO

1.5 tonnes of fries released to regenerate aquatic resources in Hoa Binh Lake

The provincial Department of Agriculture and Rural Development on November 20 coordinated with Hai Dang Group Hoa Binh Seafood Company Limited to release 1.5 tonnes of fries into Hoa Binh Lake to regenerate aquatic resources, with a total value of 266 million VND (10,460 USD).

The special attraction of the 2nd Fish and Shrimp Festival of Da River, 2024

Hoa Binh leader meets Indian Ambassador

On the afternoon of November 16, Nguyen Phi Long, alternate member of the Party Central Committee and Secretary of the provincial Party Committee, held a reception for a delegation from the Indian Embassy led by Ambassador Sandeep Arya. The delegation included the chairperson of the Indian Chamber of Commerce in Vietnam, embassy personnel, and Indian businesses operating in Vietnam. Accompanying Long at the meeting were leaders of the provincial People's Committee and representatives from various departments and sectors.

Conference looks to promote Hoa Binh – India cooperation

Hoa Binh province hosted the "Meet India 2024" conference on November 16, marking a significant step in strengthening bilateral economic ties between Vietnam and India.

Cao Phong promotes great national unity strength in building new life

In recent times, with its core role in building and fostering great national unity, Cao Phong district's Vietnam Fatherland Front Committee has actively carried out its responsibilities and front work, and closely collaborated with member organisations to encourage locals to implement the Party’s guidelines, and the State’s policies and laws. At the same time, it has worked to promote the dynamism, creativity, and contributions of officials, Party members, and local people to help the district develop further.

Yen Thuy moves to boost export of shallot products

From a type of bulb used as a seasoning for daily meals, thanks to the efforts of local authorities and farmers, shallots have become a commercial crop in Yen Thuy district, contributing to promoting the transformation of crop structure in agricultural production, bringing higher incomes to locals.