The two most labor-intensive industries in Vietnam - textiles/apparel and footwear - which employ nearly 4 million workers - have become vulnerable to impact of the Covid-19 pandemic. It’s time for a change.
Viet Nam’s garment-textile and footwear sectors have endured the brunt of COVID-19 and firms may take a long time to recover, experts said.
Businesses in the leather and footwear industry await the ratification of the EVFTA to cash in on the enormous tax incentives coming with the landmark deal.
Up to 93 percent of the businesses from the Republic of Korea (RoK) are satisfied with their investments in Vietnam, according to a recent survey conducted by the Korea Trade and Investment Promotion Agency (KOTRA).
Vietnam enjoyed a trade surplus of close to US$11 billion during the first 11 months of the year, with roughly US$1.45 billion being recorded during November, according to the latest statistics released by the General Department of Vietnam Customs.
Japan, Malaysia, Singapore, Australia, New Zealand and Chile are countries that Viet Nam has bilateral or multilateral FTAs with.
Nearly 100 percent of materials needed to make textile and garment products must be imported, limiting Vietnam’s to take full advantage of preferential tariffs in FTAs.