In TPP negotiations Vietnam’s garment gets top preference

Vietnamese government in the negotiating process of the Trans-Pacific Partnership (TPP), has given garment and textile utmost preference, as it saw an export revenue increase of 18.6 percent year-on-year. In 2013, Vietnam earned 17.98 billion U.S. dollars from selling garment products to overseas markets, according to Vietnam’s Statistics Office (GSO).

Major TPP markets for Vietnamese garment in 2013 included the United States and Japan, which accounted for 43 percent and 11 percent of the country’s garment export turnover respectively, Truong cited GSO’s statistics, adding the TPP countries are the most important market for Vietnamese garment.

Le Tien Truong, vice chairman of the Vietnam Textile and Apparel Association (VITAS) said that Vietnam’s garment and textile sector possesses international competitiveness and will be a potential beneficiary of the TPP.

Truong said that when joining TPP, Vietnam will have an opportunity to promote investment in material production, thus increasing criteria of trade surplus, added value and localization rate of Vietnamese garment.

The official of VITAS made recommendations for the country’s garment companies to get prepared for TPP by establishing a tight supply chain with high commitment and responsibility to build competitiveness of each company as well as of the whole chain.

Currently in Vietnam, there are about 6,000 companies operating in garment sector, mainly private and foreign invested ones.

Garment, accounting for 17 percent of the country’s total export revenue, ranked the second in the country’s top export revenue list in 2013, after phones and accessories, according to GSO.

The year 2013 was seen as a successful year for Vietnamese garment industry.

Recent Posts

Nextevo showcases chemical-free pineapple leaf fiber

Nextevo has introduced its 100% chemical-free pineapple leaf fiber to the global market, highlighting its sustainable qualities and versatile applications.

11 hours ago

Benin emerges as a sustainable textile production hub

Benin is positioning itself as a new center for sustainable textile production, backed by the Aid by Trade Foundation’s (AbTF)…

11 hours ago

Teijin Frontier introduces Octair insulation fiber

Teijin Frontier has announced Octair, an advanced polyester insulation fiber designed for bedding and apparel, making it ideal alternative to…

11 hours ago

Gebrüder Otto, ITA Augsburg develop towels with 50% recycled fiber

Gebrüder Otto has partnered with the Recycling Atelier at ITA Augsburg to create cotton towels using yarns made from 50%…

1 day ago

Scientists develop silk threads, turning clothing into power sources

Scientists have found a way to turn textiles into energy sources by creating a unique silk thread coated with a…

1 day ago

The LYCRA Company launches LYCRA TOP COMFORT fiber

The LYCRA Company has introduced its newest advancement for pantyhose waistbands, called LYCRA® TOP COMFORT fiber.

1 day ago