According to the Vietnam Textile and Apparel Association, textile and garment businesses will meet with difficulties from the fourth quarter this year under the impact of Britain’s exit from the EU.
|A garment company in HCMC (Photo: SGGP)|
Specifically, the pound and the euro’s depreciation will affect buy and sale prices of importers and the price difference between currencies will be lower than before. In addition, Brexit is said to cause some purchasing power changes in the EU and Britain.
The association 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. This aims to limit Brexit influences to their production and trading.
Businesses should quickly build local and foreign supply chains to diversify lines of products for new markets, the association added.