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Vietnam garment business likely to face export difficulties post Brexit

YarnsandFibers News Bureau 2016-07-13 14:00:00 – Hanoi

Veitnam’s textile and garment businesses likely to face difficulties in export from the fourth quarter this year as the pound and euro’s depreciation will affect buy and sale prices of importers and the price difference between currencies will be lower than before, under the impact of Britain’s exit from the EU, according to the Vietnam Textile and Apparel Association.

Moreover, Brexit is said to cause some purchasing power changes in the EU and Britain.

The association wants domestic businesses to try quickly building local and foreign supply chains to diversify lines of products for new markets.

The association to limit Brexit influences on production and trading as advised domestic businesses who have been exporting to Britain and the EU to boost exports to traditional markets including the U.S. and South Korea and broaden their business to new markets such as Russia and Eastern Europe.

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