Vietnamese garment-textile, footwear firms increase EU access
Claudio Dordi, Chief Advisor of the EU-MUTRAP has suggested Vietnamese garment-textile and leather footwear businesses pay more attention to product origin rules and increase distribution channels.
Claudio Dordi, Chief Advisor of the European Trade Policy and Investment Support Project (EU-MUTRAP), has suggested Vietnamese garment-textile and leather footwear businesses pay more attention to the rules of product origin, increase distribution channels and build national brand names in the EU market. Speaking at a conference in Ho Chi Minh City on September 25, the advisor said Vietnam should focus on environmentally and socially friendly products and follow technical regulations as well as hygiene and safety standards.
He explained that once the Vietnam-EU Free Trade Agreement goes into effect, the pact will spur the country’s exports by 50 percent in 2020 and 93 percent in 2025 with garments and textiles up 16 percent and leather products up 31 percent.
Experts at the event also said the deal is expected to greatly impact Vietnamese exporters in various aspects such as tax reductions, employment stipulations, environmental standards, intellectual property rights and technical regulations.
They stressed the need for Vietnamese enterprises to raise awareness of the agreement to thoroughly grasp the EU’s quality and technical requirements as well as its consumption trends, thus fully tapping opportunities afforded by the market.
Vietnam has been listed among the world’s top ten garment-textile and leather footwear exporters with an annual average growth rate of 15 percent over the past five years.
In 2014, the country earned 20.9 billion USD from shipping garments and textiles abroad and 12.7 billion USD from leather footwear exports.
The EU remains Vietnam’s largest garment-textile and footwear export market with a turnover of nearly 3.6 billon USD last year, up 17.3 percent from the previous year and making up 34 percent of the Southeast Asian country’s total figure.-VNA
Though exports for textile and garments in the first quarter (Q1) of this year reached 4.75 billion USD, industry insiders said the figure was worse than forecast, the Hai quan (Customs) newspaper said.
Construction of the Panko Tam Thang textile-garment plant and Ducksan Vina garment accessory plant commenced on July 30 at the Tam Thang industrial park in the central province of Quang Nam.
Thai businesses are promoting investment in Vietnam in sectors that are expected to benefit from free trade agreements, including garment-textile and footwear.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Illustrative photo. (Photo: VNA)
