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

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Pakistan's Finance Minister Mohammad Ishaq Dar presenting Budget 2017-18 in National Assembly in Islamabad on May 26. Courtesy: PID, Pakistan

Textiles | On 27th May 2017

Pakistan Budget 2017-18 proposes 4 new measures

To support the textile sector in Pakistan, finance minister Mohammad...

Textiles | On 27th May 2017

Indian exports can touch $325 bn in 2017-18: FIEO

Indian exports are on upward trend in last few months as the country...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Karan Toshniwal
Orange O Tec

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

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Urs Stalder
Sanitized AG

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Rupa Sood and Sharan Apparao
Nayaab

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search