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

Must ReadView All

Apparel/Garments | On 24th Mar 2017

UK online retail sales up 15% in February 2017

Online retail sales in UK have grown by 15 per cent year-on-year in...

Courtesy: Messe Frankfurt

Textiles | On 24th Mar 2017

Over 3341 exhibitors participate in Intertextile Shanghai

More than 3,341 exhibitors from 26 countries and regions participated ...

Apparel/Garments | On 24th Mar 2017

Tiruppur garment cluster hopeful of meeting export target

The Tirupur garment cluster is hopeful of meeting its target of...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search