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TPP may benefit Vietnamese textile & garment sector
01
Apr '13
Participation in the Trans-Pacific Partnership (TPP) could help Vietnamese enterprises, including textile and garment businesses, to gain entry in other markets and can even bring large-scale investments in the country, as it happened at the time when the country gained WTO membership, a Ministry of Industry and Trade (MoIT) official said.
 
Addressing a conference in Ha Noi, Ngo Chung Khanh, Deputy Director of MoIT’s Multilateral Trade Policy Department said besides gaining entry into new markets, TPP would also help Vietnamese enterprises to enhance their exports to existing markets, particularly to the US, and better exploit the opportunities arising out of process of streamlining and  regional economic integration.
 
However, he accepted that TPP would build some pressure on the open market and cause Vietnamese businesses, particularly those in the agriculture, industry and service sector, to face higher competition.
 
Vietnam is already facing problems due to limited number of people engaged in carrying out TPP negotiations and lower institutional capacity for implementing its commitments.
 
Vietnam Garment and Textile Group (Vinatex) Deputy General Director, Le Tien Troung said Vietnamese textile and garment businesses have witnessed higher integration in world markets, which has created a base for enhanced exports. 
 
However, these opportunities remain coupled with several challenges, as to tap these opportunities Vietnamese textile and garment industry needs to complete a supply chain, which is difficult for the industry to achieve, in the light of limited availability of locally produced raw material.
 
Peter A. Petri from US’s Brandeis University too opined that TPP could bring many benefits to Vietnam, but would also pose many challenges for the country.
 
The new pact would require compliance of stringent rules regarding sourcing of raw products and  effects of production process on the environment, he added.
 

Fibre2fashion News Desk - India


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