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.