It is also expected to increase the competitiveness of Vietnamese products as well as boost exports and the development of Vietnam’s garment and textile industry.
General Secretary of the Vietnam Cotton and Spinning Association Nguyen Hong Giang said that signed and pending free trade agreements (FTAs) will bring about numerous development opportunities for garment and textile firms.
If all FTAs with Japan, the Republic of Korea and the EU, and the Trans-Pacific Partnership come into effect, around 80% of Vietnamese garment and apparel products exported to the US, the EU, Japan and the RoK can benefit from tariff incentives.
However, opportunities are often coupled with challenges, including fiercer competition with foreign businesses, especially in terms of origin, he noted.
Therefore, the exhibition is expected to attract more foreign investments in building material plants in Vietnam.