Vietnam Actively Uses TPP Mechanism To Expand Exports Of Textiles To The United States

The Ministry of industry and Commerce in Vietnam has said that the effective use of the Vietnamese Vietnamese FTA, the ASEAN European Union FTA and the trans Pacific Partnership Agreement (TPP), which have already come into force or in consultation, will bring advantages to Vietnam. Spin Apparel industry output, especially for the US market, has grown significantly.

From experience, Vietnam's export of textiles to Japan has been exempted from customs duties since the end of 2009, and its export performance has grown year after year. In the first half of this year, Vietnam's textile exports to Japan amounted to US $882 million, up 23.8% from the same period last year, accounting for 13% of Vietnam's total textile output.

In addition, after the signing of the "ASEAN - Korea FTA" in 2010, the amount of textiles exported to Vietnam amounted to US $380 million between 1 and April this year. It also increased by 50% over the same period last year. The market substitution effect brought by FTA zero tariff should not be underestimated.

"Vietnam - EU FTA" is scheduled to launch a consultation in the fall of this year. Once the agreement is signed and entered into force, it is believed that exporting the 90% products, including textiles, to the EU market will gradually or immediately enjoy 0% discount rates.

To TPP, it is also expected to be Vietnam. textile industry The United States is Vietnam's largest export market, accounting for 51% of Vietnam's total textile output. In the first half of this year, the amount of the product exported to the United States amounted to US $3 billion 500 million. Compared with the US $950-1000 billion in annual average textile sales, Vietnam's textile exports to the United States still account for only about 4% of the US market, with great potential for development.

Li Guoen, senior consultant of Vietnam textile and Apparel Association, said that the US tariff rate on textiles in Vietnam is 5%-25%. After the entry into force of TPP, the tax rate will be reduced to 0, and the amount of Vietnamese textile exports to the United States is expected to increase by 1 times in 5 years.

In addition, the Vietnamese chamber of Commerce and industry and the Vietnam US business forum Committee jointly organized the "forum on promoting economic and trade relations between the two countries" in Hanoi, Vietnam. The Deputy Secretary of state of the United States, Robert D.Hormats, and the representatives of Vietnamese business community attended the meeting.

　　 Vietnam? Wu Jinlu, chairman of the chamber of Commerce and industry, pointed out at the meeting: in order to expand trade and investment cooperation with the United States, Vietnam has always regarded TPP as an important driving force to promote bilateral economic and trade cooperation. At the same time, it also worried that the United States would restrict imports of textiles, shoes and aquatic products by technical provisions in Taiwan. This is not only unfair to Vietnamese enterprises, but also directly affects the livelihood of many Vietnamese people.

Hormats, deputy secretary of state, said that during the process of TPP negotiations, Vietnam will be an important partner. The outcome of the negotiations will open new opportunities for the two countries, enhance trade cooperation, expand the market and improve the investment environment in Vietnam.