According to Vietnam’s Saigon Economic Times, Vu Duc Giang, president of the Vietnam Textile Association, said that Brexit has had a negative impact on Vietnamese textile companies since July, especially companies with a large proportion of exports to the British market (more than 50%). difficulty.
Previously, goods exported to all EU member markets used the same customs tariff code, but Brexit will change this situation, which will also affect companies’ exports to the UK. Vietnam’s textile exports to the UK are approximately US$400 million per year. In the first five months of 2016, Vietnam’s textile exports to the UK reached US$257 million, accounting for 21% of the total exports of this product to the EU.
Brexit not only affects Vietnamese companies, but also has a negative impact on British companies investing in Vietnam. Since the depreciation of the pound after Brexit has affected consumers’ psychology and purchasing power, some British companies investing in Vietnam have begun to sell factories. . Brexit will cause difficulties for Vietnamese textile companies
