Vietnam Textile Industry Must Reduce Dependence on Imported Raw Materials

Release time:

2018-07-24

Vietnam Economic Times reported on July 19 that Vietnam Textile Association said at the seminar on "the impact of CPTPP-EVFTA on Vietnam's textile industry" that Vietnam's textile industry exports continued to rise sharply, with exports of US $16.5 billion billion in the first half of 2018, an increase of 16.49 percent over the same period last year. Exports are expected to be US $18.5 billion in the second half of the year and US $35 billion in the whole year, exceeding the annual plan of US $1 billion. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Vietnam-EU Free Trade Agreement (EVFTA) will take effect as soon as possible at the end of the year, which will further promote Vietnam's textile industry exports, while also making local companies face many challenges, such as rules of origin, The impact of Sino-US trade frictions and high logistics costs. The Vietnam Textile Association believes that local enterprises must establish a production supply chain to reduce dependence on imported raw materials; strengthen labor training and apply high technology to improve productivity and product quality; change business habits and change the form of raw material imports from CIF to FOB.

China Textile Federation issued a statement: looking forward to the return of Sino US trade to normal track as soon as possible

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