Vietnam : TPP will boost Vietnamese garment exports to US: Expert

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Home / Knowledge / News / Apparel/Garments / TPP will boost Vietnamese garment exports to US: Expert

TPP will boost Vietnamese garment exports to US: Expert

17
Dec '12

The Trans-Pacific Partnership (TPP) agreement would sharply increase the exports of apparels from Vietnam to the US, according to an expert.

The Southeast Asian nation of Vietnam annually exports about US$ 7.6 billion worth of clothing items to the US. If the country maintains its present growth rate, its exports would touch US$ 13 billion by 2020. But the TPP has the potential to take this figure to US$ 22 billion, Le Quoc An, Senior Advisor to the Vietnam Textile and Apparel Association (VITAS) told VietNamNet Bridge.

The TPP aims to enhance trade and investment, promote innovation, economic growth and development, and support the creation and retention of jobs in TPP partner countries.

The 15th round of TPP negotiations concluded last week in Auckland. A core issue of negotiation is the ‘yarn forward’ principle, put forward by the US. The principle, if approved, would require Vietnam to make its garments from raw materials made in Vietnam or the TPP countries in order to enjoy zero preferential tariffs on its garment exports to the US.

At present, Vietnam depends on China, Taiwan and South Korea, to a great extent, for its raw material imports.

Hence, the implementaion of yarn-forward principle in the TPP would attract entrepreneurs to invest in Vietnamese textile industry for manufacturing materials that would be used for production of garments meant for export to the US at zero-tariff.

Fibre2fashion News Desk - India

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