Several Vietnamese garment companies this year have maintained high growth in traditional markets, such as the United States, South Korea, the European Union (EU) nations and member states of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to the Vietnam Textile and Apparel Association (VITAS). VITAS Vice President and General Secretary Truong Van Cam said a series of recently-signed free trade agreements (FTAs) is expected to boost the sector. As global demand for textiles and apparels grows only by 1-2 per cent annually, players face fierce competition, he said. Most FTAs have rules on product origin for fibre and fabrics while Vietnam imports up to 80 per cent of materials, reported quoting Van Cam.
