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Vietnamese govt to invest in local supply chain
14
Mar '16
Vietnamese government will strengthen its local supply chain to benefit from the Trans-Pacific Partnership (TPP) pact, according to media reports.

The first industrial park for parts and suppliers like yarns and fibres, threads, leather and other raw materials will open in Ho Chi Minh City by December, 2016.

Currently, garment manufacturers in the country need approximately ten million square metres of fabric and similar products. However, only two million square metres of such products are supplied by the local industry. Rest is imported, mainly from China.

Clothing made with raw materials sourced from non-TPP member countries like China is not eligible for tariff reduction under the 'rules of origin' precondition in TPP. The Vietnamese government will therefore develop the local supply chain in order to better meet the precondition.

The government will invest in local companies to help them raise the standard of their products, which will enable them to compete internationally, and join the global supply chain.

Foreign investments will also be encouraged to develop the local supply chain, as the Vietnamese companies fall short of technology and investments, government officials confirmed recently.

Two industrial zones have come up, one each in Hung Yen province and Nam Dinh province, to attract foreign investors. Two more are planned. (MCJ)

Fibre2Fashion News Desk – India

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