New opportunities for garment sector
(VOV) -The Trans-Pacific Partnership Agreement (TPP) is expected to take effect as of 2015.
Le Quoc An, senior advisor of the Vietnam Textile and Apparel Association (VITAS) said Vietnam has conducted 14 rounds of negotiations and is preparing for the next round.
Once Vietnam joins the TPP, around 1,000 import tax lines will be reduced from 17.3 percent to zero percent while export growth will increase from 7 percent to 15 percent.
The garment and textile sector’s exports to the US market are estimated to reach US$7.6 billion in 2012 and around US$22 billion by 2020.
Around 10 businesses from different countries are planning to build factories in Vietnam in the near future.