Vietnam's Garment Industry Is Developing Rapidly In The US Apparel Market Only Once.

Nine years after joining the WTO, Vietnam's share of clothing in the US market has increased from 10% to 10%, second only to China. Julia K Hughes, chairman of the American Fashion Association, said that once the TPP comes into force, it will bring great opportunities to Vietnam's garment industry.

　　 Vietnam's clothing industry In recent years, it has always been the focus of development in the industry, especially export clothing. Overseas demand is increasing. In addition, as an underdeveloped country, Vietnam can get export treatment of tax exemption or tax reduction, and its price advantage is strong.

Reporters learned that, at the Vietnam Textile summit held recently in Hanoi, Nguyen Van Tuan, chairman of the Vietnam cotton and Textile Association (VCOSA), said that by 2030, the scale of clothing production in Asia will expand by 2.4%, accounting for 60% of global clothing production.

Tuan believes that the free trade agreement signed with some countries, such as South Korea, will make Vietnam the main garment production base in the world, providing a golden opportunity for Vietnam's domestic garment industry.

In order to effectively grasp these opportunities, Vietnam textile and Garment Association Dang Phuong Dung, vice chairman, called on the government to take corresponding measures to attract investment in some economically weak areas. Besides, garment manufacturers should also strengthen their links with raw material suppliers.

At the summit, some textile and garment groups and insiders shared the latest information, favorable opportunities and investment tendency of international garment companies.

Julia K Hughes, chairman of the American Fashion Association, said that once the TPP came into effect, it would give Vietnam its Garment industry With huge development opportunities, many American companies are willing to cooperate with them.

According to VCOSA, nine years after joining WTO, Vietnam's share of clothing in the US market has increased from 10% to 10%, second only to China.

Last year, Vietnam's clothing exports to Europe, the United States, Japan and South Korea increased by 17%, 12.5%, 9% and 27% respectively.