(VNF) - The Vietnam - EAEU Free Trade Agreement signed between Vietnam and the Eurasian Economic Union promises to open a number of new doors for Vietnam's exports. Recently, in late August, a delegation of the Vietnam National Textile and Garment Group (Vinatex) made a fact-finding trip to Armenia, a member country of EAEU, to seek for partnership.
The Vietnam - EAEU FTA will open many new doors for Vietnamese textiles and garments firms like Vinatex (source: VNA)
According to Le Tien Truong, CEO of Vinatex, the group has held working sessions with Armenian deputy foreign minister, the minister of economic development and investment, and some major businesses in Yerevan capital city of Armenia.
Vinatex will consider cooperations with big companies in Armenia that have already set up distribution networks in Russia and the EU. In the initial stage, the group will mainly provide support in terms of machinery and production administration, Truong noted.
According to Truong, the Armenian government is willing to shake hands with experienced players in production management like Vinatex, with a view to reviving the local garment industry and boost exports.
It also promised to create favourable conditions for foreign investors, and provide special mechanisms for Vietnamese investors through cooperation policies, multilateral and bilateral cooperation agreements, and granting of work visas, Truong added.
Vinatex - a key players in the textiles and garments sector of Vietnam (source: The Investment News)
According to Vinatex, there are 94 businesses operating in the textiles and garment industry of Armenia. The country exported USD50 million and imported USD170 million worth of textile and garment products in 2014.
Despite their small and outdated scale, Armenian firms have experience in working with big fashion brands of Italy and Germany such as La Perla, Moncler, Armani and Porsche.
The Vietnam National Textile and Garment Group (Vinatex) is one of the key players in the Vietnamese textile and garments industry. Vinatex engages in the investment, production, supply, distribution, import, and export of textiles and garments in Vietnam. It also involves in fashion design research; operation of vocational training schools; export-import and trading.
In 2016, Vietnam’s textile and garment exports failed to reach the targeted $29 billion in export turnover.
This year, the industry is seeking opportunities for growth by taking advantage of the recovery of main markets such as the US, the EU and Japan, striving toward an annual growth rate of 12%.
In the 2017-2020 period, Vinatex plans to pay more attention to research and application of technological achievements of the Industry 4.0 to increase productivity./.
( Phi Yen )