VITAS sets export mark to achieve $55 billion by 2025

 The Vietnam Textile and Apparel Association (VITAS) recently announced the targets to achieve USD 55 billion from apparel exports and creating three million jobs. The targets were shared at the sixth congress of VITAS, held in Hanoi.

VITAS plans to meet the targets by leveraging on the free trade agreements (FTA) that Vietnam enjoys with its partner countries, as per a leading news agency. Vietnam has signed agreements with the Republic of Korea, the Eurasian Economic Union, the European Union (EVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP).

The association also proposed the ministry of industry and trade to submit a strategy to develop Vietnamese apparel and textile segment with vision for 2035 to the government. Apart from the above, VITAS also proposed the concerned ministries and the government to solve difficulties reduce costs to increase business and provide a favourable investment environment.

Vietnam’s garment exports are expected to touch USD 35 billion in 2020.