Home / Knowledge / News / Apparel/Garments / Vietnam will make the most of TPP, says Trade Minister
Vietnam will make the most of TPP, says Trade Minister
20
Nov '15
Vu Huy Hoang/Courtesy: moit.gov.vn
Vu Huy Hoang/Courtesy: moit.gov.vn
Vietnam's Industry and Trade Vu Huy Hoang has said that the country will make the most of opportunities presented by the Trans-Pacific Partnership (TPP) trade deal, a leading Vietnamese newspaper has reported.

Hoang said apparel products originating in Vietnam would enjoy tariff incentives when exported to Pacific Rim countries. He made the statement while replying to a question by National Assembly (NA) deputy Nguyen Ngoc Hoa of Ho Chi Min City about opportunities and challenges for the apparel industry relating to the TPP at a question-and-answer session at the NA in Hanoi.

But those products must meet the yarn-forward rule, which means producers must use materials starting from yarn which are produced in Vietnam to enjoy low or zero tariffs.

Hoang said the US has agreed to offer tariff incentives for some types of Vietnamese apparel made from materials imported from non-TPP member states. He said 184 out of 186 apparel items will not be affected by the yarn-forward rule. “This means Vietnamese apparel will be given tax incentives even if the country is unable to produce yarn.”

But he conceded that the 184 products make up only 15 per cent of the TPP market while the proportion of the remaining two is a hefty 85 per cent. Therefore, a majority of apparel producers will have to abide by the rule.

“The TPP is a chance to enhance the domestic production capacity. If enterprises keep relying heavily on imported materials, they would be confined to the outsourcing job,” Hoang said.

The current localization rate of apparel products is 50 per cent, much higher than a decade ago. In the national development strategy for the textile-garment sector, the Government encourages more domestic and foreign investments in weaving and knitting facilities, the report said. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

US & EU retailers release industry approach to GDPR

Apparel/Garments | On 24th May 2018

US & EU retailers release industry approach to GDPR

The Washington, D.C.-based National Retail Federation and...

Global cotton consumption to reach record in 2018-19: USDA

Textiles | On 24th May 2018

Global cotton consumption to reach record in 2018-19: USDA

Reflecting continued growth in the global economy, world cotton mill...

Courtesy: Nanollose

Textiles | On 24th May 2018

Nanollose develops fabric from coconuts

Australian technology company Nanollose has developed a sustainable...

Interviews View All

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Judy Frater
Somaiya Kala Vidya

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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

Leave your Comments


May 2018

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

news category


Related Categories:

Advanced Search