(VOVWORLD) -The Regional Comprehensive Economic Partnership (RCEP) is expected to expand export markets for the textile and garment industry, Vietnam’s leading industry in labor recruitment and in export turnover, which earned more than 40 billion USD last year.
The Agreement is expected to bring many opportunities for the sector to diversify export, according to Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association. He said that the RCEP helps strengthen Vietnam's trade position and contributes to the post-COVID-19 recovery in sourcing high-quality raw materials from other member countries and improving market access for higher value-added goods.
“The RCEP Agreement has promoted a series of the bloc’s investment projects of fabric production in the Vietnamese market in 2021. In particular, knitted fabrics are relatively strong, we are still limiting woven fabrics, the textile industry is continuing to promote chain links and build supply shortages, not only serving the RCEP market but other trade agreements’ markets as well,” Giang said.
Than Duc Viet, General Director of Garment Corporation No. 10 said that the agreement with preferential tariffs will help enterprises gain export advantages.
“We are focusing on the domestic supply chain. In the long term, we want to expand further and call for more investors to enjoy preferential tariff under the RCEP Agreement,” according to Viet.