TPP News

VN’s textile, garment industry ready to join TPP

VGP - The Trans-Pacific Partnership (TPP) is expected to bring great opportunities for the member countries, in which the garment and textile industry of Viet Nam will benefit the most and it has been ready to grasp brought opportunities and face challenges. After the two-decade development, the industry has become a leading economic sector of the country with the contribution of 10-15% from the export turnover to the gross domestic product (GDP) annually.

Viet Nam is one of the five leading garment and textile exporters in the world with the major markets being the US, the European Union and Japan. The sector’s achievements were attributed to businesses' tireless efforts to invest in production technologies and shift to a production method with higher added values.

To grasp opportunities given by the TPP and bilateral and multilateral free trade agreement (FTA), many businesses have focused on investing in technologies and human resources. In the past two years, the Ha Noi Garment and Textile Corporation invested VND1.5 trillion (US$67.5 million) in projects producing knitwear, yarn and garments for export.

According to Viet Nam Textile and Apparel Association Secretary General Dang Phuong Dung, the sector has prepared conditions to join the TPP and meet the US market’s requirements.

The Ministry of Industry and Trade approved a plan on developing the sector to 2020 with a vision to 2030 and supporting the sector in several aspects.

Source VGP News

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