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

Europe fights against microplastic release from textiles

Textiles | On 18th Jan 2018

Europe fights against microplastic release from textiles

The European Commission, the institution of the European Union, has...

Egypt starts building biggest textile city in Al-Sadat

Textiles | On 18th Jan 2018

Egypt starts building biggest textile city in Al-Sadat

Egypt has started construction of the biggest city for textiles and...

Vietnam targets $20 bn from export of footwear, bags

Apparel/Garments | On 18th Jan 2018

Vietnam targets $20 bn from export of footwear, bags

Vietnam targets to earn around $20 billion from the export of...

Interviews View All

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Sugandha Bhardwaj

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

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Ashok Desai
Bombay Textile Research Association

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

Urs Stalder
Sanitized AG

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

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Tony Ward
Tony Ward

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

Prathyusha Garimella
Prathyusha Garimella

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

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

January 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


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