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

Apparel/Garments | On 22nd Mar 2017

Amazon India introduces 'A-Z GST Guide' programme

Amazon India has introduced a programme called 'A-Z GST Guide' to...

Textiles | On 22nd Mar 2017

Dyeing textiles with bacteria

As an alternative to toxic synthetic dyes, scientists are exploring...

Courtesy: BCG

Apparel/Garments | On 22nd Mar 2017

Consumption in India to touch $4 trillion by 2025: Report

Consumption in India is likely to triple to $4 trillion by 2025 as...

Interviews View All

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Ashok Desai
Bombay Textile Research Association

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

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Tony Ward
Tony Ward

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

Rupa Sood and Sharan Apparao
Nayaab

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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