Home / Knowledge / News / Textiles / 'TPP to benefit Vietnam in long term'
'TPP to benefit Vietnam in long term'
13
Oct '15
Vietnam's Deputy Minister of Industry and Trade Tran Quoc Khanh, who is also the head of the government's negotiation delegation on international trade and economic issues, has said the opportunity to access the goods market would increase as the tariffs would gradually be reduced to zero under the Trans pacific partnership (TPP).

"In recent years, Viet Nam has continuously seen trade deficit. The country's goods structure tends to complement that of other countries, thus resulting in more exports than imports," Khanh said at a press conference in Hanoi.

His statement was in line with that of former trade minister Truong Dinh Tuyen who said Vietnam could experience increasing trade deficit in the initial stage of joining the TPP due to higher foreign direct investment. He said the country's exports are expected to be higher after production stabilises, thus narrowing the difference in the trade balance.

Tuyen said the trade deficit would not be bad for the economy as FDI into Vietnam had increased several times in 2007 in comparison with 2006 after the country's admission to the World Trade Organisation (WTO).

Khanh said the TPP would expand Vietnam's GDP by $23.5 billion in 2020 and $33.5 billion in 2025. The nation's exports will increase by $68 billion in 2025. In particular, the zero import tariffs in large markets like the US, Japan, and Canada would create a huge advantage for Vietnamese exports.

According to the trade ministry, the garment and textile industry would benefit most from the TPP. In the first half of the year, exports of garments and textiles to TPP member countries accounted for 70 per cent of the sector's total value. It is expected that the market share would be double when Vietnam formally joins the TPP. In addition, export turnover of garment and textile would create jobs for around 250,000 people.

The report from the ministry also revealed that apart from garments and textiles, shoes, agriculture, forestry and seafood would see major opportunities to increase their exports. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

EU, Japan finalise Economic Partnership Agreement

Textiles | On 18th Dec 2017

EU, Japan finalise Economic Partnership Agreement

Building on the political agreement reached in principle during the...

WTO, ITC launch cotton portal to enhance transparency

Textiles | On 18th Dec 2017

WTO, ITC launch cotton portal to enhance transparency

The World Trade Organisation (WTO) and the International Trade Centre ...

India much behind China in containerised cargo capacity

Textiles | On 18th Dec 2017

India much behind China in containerised cargo capacity

India’s total containerised cargo capacity of 8.75 million...

Interviews View All

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Urmil Arya

Sushila International, a well established textile organisation established ...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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

December 2017

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
68.1%
No
13.8%
Skip
18.1%

Total Votes: 94

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
62.8%
No
29.8%
Skip
7.4%

Total Votes: 94

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
87.2%
No
9.6%
Skip
3.2%

Total Votes: 94

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
81.9%
No
8.5%
Skip
9.6%

Total Votes: 94


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