Vietnamese garment and textile has witnessed increase by 69.66 percent in the first five months this year in its export turnover to countries taking part in the Trans-Pacific Partnership (TPP) negotiations compared with the same period last year, according to the Vietnam Textile and Apparel Associationâ€™s (Vitas) latest report.
Vitas forecast that the country's textile and garment export turnover could reach $27.5 to $28 billion this year.
Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam are members of the TPP.
Exports to the US ranked top with US$4.05 billion, accounting for nearly 50 percent of the export value to the countries joining the TPP agreement, a 53 percent increase on the year.
Vietnam's textile and garment export turnover to the US is expected to reach $11 billion by the end of the year, said Dang Phuong Dung, Vitas deputy chairwoman.
Textile and garment export turnover to the US has increased dramatically in the past 20 years from zero to $9.8 billion in 2014.
Once the TPP is signed, she said that the turnover could be doubled, it would benefit local enterprises. Garment products' import taxes would be reduced by 7 to 8 percent, replacing the current 15 to 16 percent.
However, the TPP would also require information about the goods' origins, which is difficult for domestic firms. Vietnam's textile and garment sector needs improvement when it comes to naming raw material sources.
The chairwoman called for ministries, society and the Government to help attract foreign investment, and encourage relationships between domestic producers and raw material producers. Only by doing those things could Vietnam satisfy the requirements on goods' origins, she said.
US Fashion Industry Association President Julia K Hughes said that many US companies were willing to seek supply sources from nations joining the
TPP agreement once it took effect. Vietnam was ranked highest in terms of its ability to draw new businesses.
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