https://36mfjx1a0yt01ki78v3bb46n-wpengine.netdna-ssl.com/wp-content/uploads/2013/03/Le-Quoc-An-Special-Advisor-TPP-Textiles-Apparel.jpg 213 237 AmCham Vietnam https://36mfjx1a0yt01ki78v3bb46n-wpengine.netdna-ssl.com/wp-content/uploads/2019/01/AmCham-Vietnam-Logo.png AmCham Vietnam2013-04-22 01:04:362013-04-22 01:12:54TPP can double Vietnamese garment exports to US: VITAS
The implementation of the proposed Trans-Pacific Partnership (TPP) agreement can double Vietnam’s apparel and textile exports to the US, according to Vietnam Textile and Apparel Association (Vitas) Consultant Le Quoc An.
Mr. An said that Vietnam exported only around US$ 45 million worth of textiles and apparels to the US each year up until 2001. However, the Bilateral Trade Agreement went into effect in Dec 2001, and Vietnam’s apparel and textile exports to the U.S. have increased by up to US$ 1 billion each year, and reached the historic high of US$ 7.7 billion last year.
China presently accounts for a 37 percent share in the US textile and apparel market, while Vietnam only has an 8 percent share.
If the TPP deal is inked, it would help Vietnam capture a 10 percent points share from China, as Vietnamese textiles and apparels would then enjoy greater benefits than products from China, which does not form a part of the TPP agreement, Mr. An explained.
Vietnamese textile and apparel exports to the US are presently subjected to a 17 percent levy, which would either be halved or nullified under the TPP, he added.