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The Entry Into Force Of The Free Trade Agreement Between Vietnam And The EU Will Bring Significant Opportunities
Since the summer of this year, Vietnam's clothing exports began to recover. Under the difficult situation of Japan and South Korea market, exporters began to seize the U.S. market.
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Data show that Vietnam's textile and clothing exports in July and August this year decreased by 7.4% and 10.5% respectively year-on-year, lower than 30.9% in April and 29.8% in May.
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Although Vietnam's export volume increased by 1.8% in May this year, its overseas market share decreased by 11.5%. In US dollar terms, Vietnam's market share in the United States increased from 15.8% to 20.2% from January to August. In the same period, China's market share fell from 30.7% to 22.7%.
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From June to July, Vietnam's textile and clothing exports to the United States recovered and increased, with a slight decrease in September, and a double-digit decline in Asia from July to August. From January to August, Vietnam's textile and clothing exports to Japan decreased by 9.1%, while exports to South Korea and China decreased by 15.2% and 18.7% respectively, accounting for an expanded market share in Europe.
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The free trade agreement signed between Vietnam and the European Union has come into effect on August 1, 2020. In the next few years, Vietnam's textile exports to the EU will continue to grow, and EU tariffs on Vietnam will be gradually abolished, which will bring significant opportunities for Vietnam's exports.
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The raw materials of Vietnam's domestic textile industry are still heavily dependent on China, so the investment in textile industry, especially in China, is expected to increase significantly in the future.
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