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Vietnam prepares to meet investment inflows post-TPP
26
Oct '15
After the successful negotiation of the recently concluded 12-nation Trans-Pacific Partnership (TPP) agreement, Vietnam's Ministry of Planning and Investment is anticipating a boom in textile and garment industrial zones in many cities and provinces across the country, as per Vietnamese media reports.

In order to benefit from lower duties to countries like the US and Japan that Vietnamese products are likely to enjoy once the agreement is implemented, various cities and provinces in Vietnam have announced plans to open and expand textile and garment industrial zones.

For example, Ho Chi Minh City recently announced the opening of over 6 new industrial zones with an area of 2,000 hectares to meet future investments in the textile and garment sector.

Likewise, the southern provinces of Long An and Dong Nai are also making plans for construction of industrial zones. International investors in the textile and garment sectors are demanding land on lease in these areas to set up production plants.

As per Economic Zone Management Board, the province of Long An, has received over 100 investment proposals in textile, weaving, dyeing, and footwear sectors.

The ministry expects the development of the industrial zones to boost the country's economy and use of domestic materials for production to cut Vietnam's trade deficit. It also stressed on meeting the standards of environment regulation and technology during the construction of textile and garment industrial zones in order to take complete advantage of TPP. (HO)

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