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EVFTA likely to benefit Vietnamese textile industry

Related Keywords: benefit member countries, come into force benefit, eliminate import duties on Vietnamese products, eliminate other trade barriers, European – Việtnam Free Trade Agreement, EVFTA, improve supply chain, not only limit to tariffs, promote the flow of high-quality investments, Việtnam will eliminate import duties on EU items, Vietnamese textiles

With the European – Việtnam Free Trade Agreement (EVFTA) coming into force from 2018, its benefits will not only limit to tariffs, but it would also contribute to eliminating other trade barriers and benefit member countries, according to Claudio Dordi, EU-MUTRAP Project team leader.

Vietnam garment and textile export target set at US$28 bn within reach this year

Related Keywords: abolish U.S. tariff rates, Customs Union, EU market, FTA, improve supply chain, influences from free trade agreement, invest in material production, link fiber production, second largest exporter, TPP, US market, Vietnam Association of Garment and Textile, Vietnam textile and garment sector, with cloth production

Vietnam has been the second largest exporter of garment and textile products to the U.S. for the last several years. The annual export turnover from Vietnam to U.S. market has grown 12-13 percent in recent years while the North American nation’s import value has grown only 3 percent. These achievements were partly due to influences from free trade agreements.

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