Garment sector needs to tap market potential: President
(VOV) -The garment sector needs to capitalise on free trade agreements when Vietnam is expanding its overseas markets, State President Truong Tan Sang told outstanding garment makers in Hanoi on March 24.
Sang said Vietnam is negotiating the Trans-Pacific Partnership (TPP) agreement with 11 TPP members, and other trade pacts with the Republic of Korea and the Customs Union of Russia-Belarus and Kazakhstan.
Once these trade pacts are enforced, they will put some economic sectors at a disadvantage, but offer other sectors plenty of opportunity to prosper.
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Sang suggested the sector improve the quality of its human resources, especially designers, and develop the support industry to increase the localisation rate in its products and to ensure material supplies.
It was reported at the meeting that despite the global low purchasing power in 2013 the garment sector raked in more than US$20 billion from exports, a year-on-year rise of 18.5%, and generated more than 7.7 million jobs.
It heavily invested in technology renovation and design, developed brands, and expanded overseas outlets.
The sector aims to raise its export earnings to US$25 billion in the near future.