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Tran Cong
by on December 16, 2020
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"Previously, we imported all Chinese garment materials and products, but in 2017, Vietnam started to export garment products to the Chinese market, it is expected that from 2018 onwards, more export will be produced" - Mr. Vu Duc Giang, Chairman of Vietnam Textile and Apparel Association - Vitas, said so.

According to Mr. Giang, the Chinese market has started to consume Vietnamese garments, including fibers, fabrics and finished products such as jackets and shirts.

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Vitas data shows that exports to China account for about 3% of the total textile export turnover. China is a very potential market, yarn exported from Vietnam to China is enjoying a 0% tax rate thanks to the ASEAN-China Free Trade Agreement, while fibers from other markets such as India. India, Pakistan exports to China are subject to a tax of 3% - 5%.

In addition, the Regional Comprehensive Partnership Agreement (RCEP) is negotiating between ASEAN and six countries, China, Korea, Japan, India, Australia and New Zealand, also opens up great opportunities for exporting to China. In the opposite direction, China is still the largest garment export market to Vietnam, due to its low price advantage and favorable geographical location.

Also according to Vitas, although facing many challenges due to the stop of the Trans-Pacific Partnership - TPP agreement, which has a great impact on the import and export situation from the end of 2016 to the beginning of 2017, but since the second quarter of 2017, there have been changes. Positive change, the whole year export turnover of the whole industry is expected to reach over 31 billion USD, up 10.23% over the same period in 2016.

In 2017, textile and garment enterprises made their efforts to expand their markets and exploit new markets; Many investors and buyers not only from traditional markets but also in new markets have also promoted working with Vitas, looking for opportunities to cooperate and do business in this field with Vietnamese enterprises.
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