Vietnam’s textile industry must reduce dependence on imported raw materials

According to a report by the “Vietnam Economic Times” on July 19, the Vietnam Textile Association stated at the “Impact of CPTPP-EVFTA on Vietnam’s Textile Industry” seminar that Vietnam’s textile industry exports continued to rise sharply, with exports of US$16.5 billion in the first half of 2018. , a year-on-year increase of 16.49%, with exports expected to reach US$18.5 billion in the second half of the year and US$35 billion for the full year, exceeding the annual plan by US$1 billion. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Vietnam-EU Free Trade Agreement (EVFTA) may come into effect as soon as the end of the year, which will further promote the export of South Vietnam’s textile industry, while also causing local companies to face many challenges, such as rules of origin, The impact of Sino-US trade friction and high logistics costs. The Vietnam Textile Association believes that local enterprises must establish a production supply chain to reduce dependence on imported raw materials; strengthen labor training and apply high technology to improve productivity and product quality; change business habits and change the form of raw material imports from CIF to FOB. (Title: Vietnam’s textile industry must reduce its dependence on imported raw materials)