According to the Vietnam National Textile and Garment Group (Vinatex), Vietnam has become the world’s fourth largest textile exporter. In the first half of this year, the country earned an estimated US$12.18 billion from these products – a year on year (YOY) increase of 10.26 percent. The industry is well on its way to meeting its 2015 export target of US$27-27.5 billion.
Maria Kotova, Senior Associate at Dezan Shira & Associates, reviews the Eurasian Economic Union-Vietnam Free Trade Agreement and how it may affect your business.
The newest issue of Asia Briefing magazine, titled “China, India & Vietnam: Setting Up in Asia’s Investment Hotspots”, is out now and available as a complimentary download in the Asia Briefing Bookstore.
By the end of May 2015, the average selling price of rubber in Vietnam was US$1,442 per ton, down from over US$2,000 per ton in early 2014. Prices have been averaging under US$1,500 per ton since October 2014.
In recent years, foreign enterprises has proposed to extend the maximum overtime working hours for Vietnamese workers, but such proposals have been repeatedly declined by the Ministry of Labor, Invalids and Social Affairs, citing health of local workers.