Home / Knowledge / News / Apparel/Garments / TPP can double Vietnamese garment exports to US: VITAS
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

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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
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