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TPP can double Vietnamese garment exports to US: VITAS
18
Apr '13
The implementation of the proposed Trans-Pacific Partnership (TPP) agreement can double Vietnam’s apparel and textile exports to the US, according to Vietnam Textile and Apparel Association (Vitas) Consultant Le Quoc An.
 
Addressing a seminar on enhanced penetration in the US market, Mr. An said till 2001, Vietnam exported only around US$ 45 million worth of textiles and apparels to the US, each year, however since 2002 the figure has jumped to above US$ 1 billion per annum, and reached the historic high of US$ 7.7 billion last year.
 
Mr. An said Vietnam is also negotiating free trade agreements (FTAs) with several other countries, however, the agreement with the US, which is close to finalization, is likely to greatly benefit Vietnamese garment exports headed towards the US, in terms of lower tariffs as compared to other competing countries like China.
 
China presently accounts for a 37 percent share in the US textile and apparel market, while Vietnam only has an 8 percent share. If the TPP deal is inked, it would help Vietnam capture a 10 percent points share from China, as Vietnamese textiles and apparels would then enjoy greater benefits than products from China, which does not form a part of the TPP agreement, Mr. An explained.
 
Vietnamese textile and apparel exports to the US are presently subjected to a 17 percent levy, which would either be halved or nullified under the TPP, he added.
 
However, to fully benefit from the TPP, Vietnamese textile and apparel enterprises would have to upgrade their production management and be specific about the origins of their products.
 
In recent years, Vietnamese textile and garment exports have grown at a rapid pace and during January-March 2013, the country shipped US$ 4.2 billion worth of textiles and apparels, showing a year-on-year rise of 19 percent.
 

Fibre2fashion News Desk - India

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