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'Tech upgrade must for Vietnam to benefit from TPP'
24
Feb '16
Vietnamese business establishments must act quickly to improving production technologies in all industries to ensure the competitiveness of its goods and services in the international market once the Trans Pacific Partnership (TPP) comes into effect.

This sentiment was underlined at a seminar in Ho Chi Minh City on Vietnam's opportunities and challenges when the Trans-Pacific Partnership agreement (TPP) comes into force, Vietnamese news agency VNS has reported.

Among the sectors that are expected to gain from the TPP, is the country's textiles sector.

Le Dong Trieu, General Director of the Gia Dinh Textile and Garment Corporation, said in order to enjoy the benefits of TPP, Vietnam must quickly develop the garment and textile supporting industry, encouraging investors to invest in sectors that have remained weak, and develop a complete supply chain for the domestic garment and textile industry.


He said the country earned $27.5 billion from garment and textile exports last year, a year-on-year increase of 9.4 per cent. Exports to TPP member countries were worth more than $14.7 billion, he said.

Once the TPP comes into force, import tariffs would fall to zero, opening up more opportunities for Vietnamese firms to export to these countries, he said.

But there would be challenges in the form of stipulations related to origin, quality, chemical use and others under the TPP, he said.

Companies should invest more in upgrading production technologies, designs and quality to achieve a firm foothold in the global market, Trieu, said.

Prof Dr Don Nang, former head of the Ministry of Science and Technology's Department of Legal Affairs, who also spoke at the seminar, said several studies have found that the TPP would create huge economic opportunities for Vietnam, especially in trade and investment.

But it would also face massive challenges since it is the least developed among TPP members, he said, adding that the "productivity, quality and competitiveness of Vietnamese goods and services are far behind that of other TPP member countries." (SH)

Fibre2Fashion News Desk – India

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