Vietnam is all set to become the favourite manufacturer of globally renowned fashion brands, mainly owing to the many free trade agreements (FTAs) signed by the country recently.
While confirming on the same, Pham Thiet Hoa, Director, Ho Chi Minh City Investment and Trade Promotion Centre, said that several international brands are now buying apparels from Vietnam as there was a significant improvement in the supply chains for locally manufactured products.
He further added that competitive pricing along with preferential policies gave Vietnam an edge over all the other garment hubs.
In the recently concluded Global Sources Fashion Show in Hong Kong, over 30 local manufacturers from Vietnam had showcased the best of their garment, textile and handicraft items, which had generated good response.
In fact, a lot of these Vietnamese manufacturers are expecting big orders from brands such as Li & Fung, Target, Marks & Spencer, Tesco, Swarovski, K-Swiss, among several others.
Besides, the FTAs signed with European Union (EU) have already undergone the legal review process and are now just awaiting the approval of country’s National Assembly in June 2019.
Also, once the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) becomes fully operational, it could help Vietnam increase its market share in CPTPP member nations and make the nation the favourite of every big fashion brand.