Nam Dinh learns about free trade

Sep 16th at 20:20
16-09-2015 20:20:36+07:00

Nam Dinh learns about free trade

The Ministry of Industry and Trade, at a conference yesterday discussed opportunities and challenges arising from free trade agreements (FTAs) to garment and textile firms in northern Nam Dinh Province.

 

According to Deputy Director of the ministry's Department of Export-Import Tran Thanh Hai, cuts on duties for garment products from Viet Nam exported to countries with signed FTAs would help enhance product competitiveness.

However, the ministry pointed out that the support industry for the garment and textile sector had not met the demand as Viet Nam remained dependent on the import of raw materials. The ministry cited statistics showing that Viet Nam currently must import around 50 per cent of raw material for garment sector, mainly from China.

If the situation did not improve, it would be hard for Vietnamese businesses to take advantages of the FTAs, according to the ministry.

Experts also urged businesses to pay attention to the rule of origin to take advantages of FTAs. Hai said that this, in turn, would create the impetus to promote the development of support industries.

Dang Phuong Dung, deputy president of the Viet Nam Garment and Apparel Association, urged garment firms to apply technology in production to boost the added value of products while promoting brand building.

Dung also stressed the importance of information dissemination to enhance the awareness of businesses about FTAs and be prepared.

The garment and textile industry of Viet Nam had great opportunities amid a rapid integration process with many FTAs signed or under negotiation, such as Trans-Pacific Partnership and FTAs with the European Union and Korea.

Customs statistics showed that the total export value of the garment and textile sector in Viet Nam totalled more than $15 billion in the first eight months of this year, up nearly 11 per cent over the same period last year.

bizhub



NEWS SAME CATEGORY

Tra Vinh invests $640 million

The Cuu Long (Mekong) Delta province of Tra Vinh plans to invest VND13.4 trillion (US$640 million) to implement 72 projects in the province's restructuring of...

Phu Quoc EZ management board established

Prime Minister Nguyen Tan Dung has approved the establishment of the Phu Quoc Economic Zone (EZ) management board in the southern Kien Giang Province.

Seventh Viet Nam – Singapore Industrial Park built in Nghe An

Vietnam-Singapore Industrial Park Joint Venture Company (VSIP JV) began construction on an industrial-urban-service park in Hung Nguyen District of the central...

In Vietnam, qualified slaughterhouses hurt by illegal competitors

Illegal slaughterhouses are taking a toll on the licensed, qualified facilities in the southern Vietnamese province of Dong Nai by offering much cheaper prices...

Vietnam-Taiwan joint venture to build $115mn interchange in exchange for land

Ho Chi Minh City authorities have given the go-ahead for real estate developer Phu My Hung Development Corporation to build the Nguyen Van Linh - Nguyen Huu Tho...

Vietnam lowers price ceilings on domestic airfares

The Vietnamese aviation watchdog announced Monday lower price caps on the airfares of domestic flights, at a time when jet fuel quotes have fallen sharply.

Investors threaten to boycott BOT transport projects

The State Bank has told commercial banks to remain cautious about disbursing money for transport projects developed under the mode of BOT (build, operation...

$450m green technology park planned for Long An

The People's Committee of the southern province of Long An province has granted an investment licence for the establishment of a green environment technology park...

Binh Thuan seeks money for projects

The People's Committee of south-central Binh Thuan Province is calling on local and foreign investment for four tourism projects with total capital of US$384...

Binh Duong attracts $1.4 billion in FDI

The southern province of Binh Duong attracted more than US$1.4 billion of foreign direct investment (FDI) capital in the first eight months of this year, according...


MOST READ


Back To Top