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According to a report by the Vietnam News Agency on December 12, VU DUC GIANG, chairman of the Vietnam Textile Association, said at the 6th Vietnam Textile Association Conference and the 2020 Summary Conference that Vietnam's textile exports in 2019 will be 38.9 billion US dollars, with an estimated 2020 export volume of about 35.2 billion US dollars and an export target of 55 billion US dollars by 2025, of which 3.5 billion square meters of cloth will be exported and 8500 kinds of clothing will be exported. Strive to achieve a trade surplus of US $33 billion billion by 2025, with an average annual growth rate of about 11.6 per cent in the 2021-2025 phase.

In order to achieve this goal, the chairman of the Vietnam Textile Association said that in the 2020-2025 period, the association will work to synthesize, research and propose insufficient policies and mechanisms to the government and various ministries; play a role among member companies to form a textile supply chain that meets the origin requirements of the FTA; connect domestic schools and research institutes with enterprises and train high-quality human resources.

The chairman of the Vietnam Textile Association said that he would recommend the Ministry of Industry and Trade of Vietnam to submit the "Development Strategy for Vietnam's Textile and Garment Industry by 2030 Vision 2035" to the government for approval as soon as possible, which includes the national plan and the construction of infrastructure for large-scale textile and garment industrial zones, and the construction of centralized wastewater treatment systems to attract color dyeing projects. Priority of advanced technology projects. At the same time, the government and ministries should continue to reform administrative procedures, eliminate difficulties, ensure the creation of 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 to cancel the value-added tax for enterprises that use domestic fabrics for processing and export, so as to create conditions for the formation of the connecting chain.

Vietnam "Youth Online" reported on December 13 that Vietnam and South Korea signed the "Vietnam-EU Free Trade Agreement" (EVFTA) fabric cumulative origin agreement.

The Ministry of Industry and Trade of Vietnam stated that this is a particularly important agreement for Vietnamese companies to help companies use high-quality textile raw materials produced in South Korea and eliminate the bottleneck of the origin of textile fabrics exported to the EU, because South Korea has also signed a free trade agreement with the EU. agreement.

According to the EVFTA regulations, in addition to meeting strict quality standards, in order to enjoy the preferential tariff reduction, enterprises must also guarantee strict origin requirements, which "start with cloth" rules of origin require that the fabric used to make clothing must be woven in Vietnam or EU member states.

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 garment exports to the EU are still very small, with exports of only US $4.3 billion billion in 2019, accounting for 2% of the EU market share.

Experts assess that if the EVFTA comes into effect, by 2025, Vietnam's textile and garment exports to the EU market will increase by about 67% compared to before the signing.

The Ministry of Industry and Trade of Vietnam stated that it is "very necessary and timely" to sign the above-mentioned agreement with South Korea on the accumulation of origin, so as to help Vietnamese enterprises immediately solve the difficulties and take advantage of the opportunity to export textile and clothing to the EU market at an early date.

In addition, Vietnam's "Customs News" reported on November 20 that the General Administration of Customs of Vietnam recently announced that as of the end of October, Vietnam's total imports reached 210.3 billion US dollars, a slight increase of 0.3 percent year-on-year, equivalent to a net increase of 0.661 billion US dollars. In the first 10 months, the goods with a large import volume were: raw materials for the production of textiles, clothing and footwear.

Imports 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 percent and a net decrease of US $2.7 billion. China remains the largest import market, accounting for 50 per cent of this total, despite an 8 per cent decline.

Vietnam's textile industry may be about to flourish, and China's textile raw materials, textile machinery, dyeing and finishing equipment and related supporting enterprises may usher in a wave of dividends.