The domestic textile industry will be greeted with opportunities and orders in the near future. According to the Ministry of Industry and Trade, the export quota in the first quarter of 2013 reached USD1.05 billion, a 28.4% increase compared to the same period last year. Most textile firms already have a lot of orders. The Vietnam National Textile and Garment Group (Vinatex) said Vietnam is on a priority list with many foreign importers. Even though the import industry of many countries decreased because of recession in 2012, Vietnam’s exports still increased by 9.2% to US, 9% to South Korea and 19.3% to Japan. Pham Xuan Hong, deputy chairman of Vietnam Textile and Apparel Association (Vitas) said many companies decided to transfer their orders from China to Vietnam due to rising prices for Chinese textile exports. Some new costumers have surveyed Vietnam’s export industry in anticipation of approval for the Trans-Pacific Partnership (TPP) Agreement in 2015. If the agreement goes into effect, textile products that export to member countries of TPP would be exempt from taxes. Since late 2012, businesses from China, Japan have come to explore opportunities in Vietnam. According to Hong, many Vietnamese firms are busy as they have… Read full this story
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