Positive market signals Many leather and footwear companies are reporting optimistic signals in domestic and foreign markets over the past month, the result of Vietnam's effective pandemic control and an uptick in trade with some EU countries and Japan. The Vietnam Leather, Footwear and Handbag Association (LEFASO) said the EU-Vietnam Free Trade Agreement (EVFTA) that took effect in early August would not only zero duties, it has other provisions relatively favorable for Vietnamese enterprises. These include the Regional Value Content (RVC) regulations, which allow use of raw materials from EU countries and countries with which the EU has signed a free trade agreement (FTA), including the Republic of Korea (RoK) and Japan. Nguyen Chi Trung, Chairman of the Gia Dinh Group Joint Stock Company, said his company has negotiated orders, many of which are expected to be signed by the end of the third quarter or early in the fourth quarter of 2020, and the company has prepared for resuming production. Tran Ngoc Anh, Director of the An Thinh Footwear Co., Ltd., said the company began receiving some orders from the EU market, a positive result of the EVFTA, he said. In the context of the pandemic's second wave in… Read full this story
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