Vietnam’s garment sector will focus on new potential markets to achieve an average growth of 6 per cent each year between 2020 and 2025, according to Vietnam Textile and Apparel Association (VITAS) chairman Vu Duc Giang, who recently said the COVID-19 pandemic offered businesses a chance to step up digital transformation and produce masks in large quantities.
The potential markets include members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the European Union-Vietnam Free Trade Agreement (EVFTA), as well as the proposed Regional Comprehensive Economic Partnership (RCEP).Vietnam's garment sector will focus on new potential markets to achieve an average growth of 6 per cent each year between 2020 and 2025, according to Vietnam Textile and Apparel Association chairman Vu Duc Giang, who recently said the COVID-19 pandemic offered businesses a chance to step up digital transformation and produce masks in large quantities.#
Vietnamese firms have also invested in emission-free technologies in fibre production and waterless dyeing to meet the criteria of the global supply chain, he said.
At a conference with the prime minister on May 9, VITAS offered suggestions related to taxation and administrative procedures to tackle difficulties faced by firms, according to a media report from the country.
It proposed that the ministry of industry and trade should soon submit the Vietnam Textile and Garment Development Strategy till 2025 with a vision till 2035 to the prime minister for approval.
VITAS also mentioned the planning of major textile industrial zones using concentrated water treatment technology.
ALCHEMPro News Desk (DS)
marketing@alchempro.com
