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

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Apparel/Garments | On 22nd Sep 2017

Govt announces new duty drawback rates for garments

The Government of India has today announced the new duty drawback...

Textiles | On 23rd Sep 2017

PKR 690.65-mn budget for Pakistan Cotton Committee

The Pakistan Central Cotton Committee (PCCC) recently approved a PKR...

Interviews View All

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Top executives
Textile industry

The foremost issue is bridging the skill gap

Paolo Ocleppo
Sandvik Hyperion

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

Eamonn Tighe
Nature Works LLC

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

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Igor Chapurin
Chapurin

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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

September 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
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

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
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

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
6.4%
Skip
6.4%

Total Votes: 47

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
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


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