Vietnamese companies are struggling to fully benefit from the European Union (EU)-Vietnam Free Trade Agreement (EVFTA) as the country does not produce enough or competitively-priced raw materials for its textile industry. Businesses are unable to meet rules of origin requirements to enjoy tax incentives, according to the country’s SSI Securities Corporation. ovin text. Ab
To do so, they need to use fabrics either domestically produced or imported from countries that have free trade deals with the EU.
Vietnam depends on China for 60-70 per cent of its textile feedstock and fabrics imported from South Korea account for only 15 per cent of its total requirement.
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