Experts warn Vietnamese industries of TPP barriers

“They need to adopt modern technologies to improve design capacity thus add value to their products,” Ai said.

He was backed by Prof Nguy?n M?i, chairman of the Vietnam Association of Foreign Invested Enterprises, who said that the textile and garment and footwear associations should strengthen co-operation among their members and help set up specialised industrial parks.

He urged the Government to facilitate the parks and support businesses facing difficulties.

Vietnam has around 6,000 companies in the textile and garment industry that employ more than 2.5 million workers.

Deputy Minister of Planning and Investment Ð?ng Huy Ðông said TPP countries account for 40 per cent of global GDP and 30 per cent of trade, meaning the deal would bring plenty of opportunities as new supply chains are formed.

“Joining the TPP will give Vietnam the chance to upgrade its investment and business environment, attract foreign investment, speed up its restructuring process and shift its growth model.

“The country will also have more opportunities to spur economic growth and the associated benefits of the partnership will help raise Vietnam's competitiveness and, importantly, boost exports.” (SH) 

Fibre2Fashion News Desk – India