Garment exports to the US likely to hit US$11 billion
(VOV) - The US is the biggest importer of Vietnamese garment products, according to Dang Phuong Dung, Vice President of the Vietnam Garment and Apparel Association (Vitas).
Garment exports to the US have increased rapidly from zero to US$9.8 billion over the past two decades. With current robust growth, it is likely to reach US$11 billion this year.
Particularly, the export revenue may double after the signing of the Trans-Pacific Partnership (TPP), Dung forecast.
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Businesses will enjoy many benefits from TPP, typically tariff cut.
Vietnam garment products are normally levied import duties of 15-16%, however, the duties will be cut down to 7-8% after the country joins TPP.