Related Keywords: fifth of country needs, find right supplies, foreign textile and garment manufacturers, keen to cash in, of small and medium-sized garment makers, source from China, tax benefits, textile milss produce, TPP agreement, Vietnam clothing makers, Vietnam seeing wave of investment, Vietnam Textile and Apparel Association
The race is on for Vietnam’s clothing makers to find the right suppliers as its own textile mills only produce a fifth of the country’s needs today. With the Trans-Pacific Partnership (TPP) agreement being negotiated Vietnam is seeing a wave of investment from foreign textile and garment manufacturers keen to cash in on the tax benefits of the upcoming TPP.
The agreement being negotiated by 12 countries, including the US, promises major tax cuts for Vietnam’s garment exports, but only if they use fabric made locally or in other TPP countries, which excludes China.
