TPP won’t affect Vietnam T&C exports to USA: VITAS | Trade News Vietnam
Home » News » Trade News » Tpp Wont Affect Vietnam Tc Exports To Usa Vitas

TPP won’t affect Vietnam T&C exports to USA: VITAS

Share: 
      Newsletter

READ MORE ON TPPTrade News VietnamVietnam Apparel IndustryWTO

TPPVietnam’s textile & garment export turnover to the USA would increase by 30-40 per cent in the first year of the TPP agreement implementation and would increase by twofold after three to four years.

Truong Van Cam, Secretary General, VITAS is sure of Vietnam’s T&C exports to the US increasing, with or without TPP. In the month of October last year, Vietnam exported US $ 9.476 billion of T&C products to the US. Analysts estimate that export turnover would reach US $ 16 billion by 2018 and to US $ 20 billion by 2020. However, the figures may be unattainable once Donald Trump takes charge as US President. He has reportedly said that the US may pull out of TPP on day 1 of his working.

Also ReadDonald Trump likely to withdraw from TPP, India may gain

Three scenarios come under spotlight over Vietnam’s export to US when talking about TPP. First, TPP could take effect, but the content of the agreement would change. If so, Vietnam’s export turnover to the US would be 50 per cent lower than initially designed. Second, TPP fails… If this happens, Vietnam’s exports to the US will still enjoy MFN like other WTO members. Third, no TPP, and the Trump administration imposes a monitoring scheme and anti-dumping duties on imports from Asia resulting in decrease in Vietnam’s exports.

However, Nguyen Duc Thanh, Head, Vietnam Institute for Economic Policy and Research (VEPR) is of the view that the US withdrawal from TPP won’t affect Vietnam’s exports to the market. However, T&C exports would not increase as sharply as initially planned.

 

Have some news? Let us know on news@apparelresources.com

Recommended by Apparel Resources

Italian womenswear industry clocked € 13.07 billion in 2016: SMI

As per the employee association of Italian fashion industry, Sistema Moda Italia (SMI), the Italian women's ready-to-wear industry gained the third consecutive growth...

Cotton Association of India predicts increase in cotton consumption

The Cotton Association of India (CAI) has maintained that cotton crop for the 2016-17 season will be 341.00 lakh bales of 170 kgs...

Labour Unrest: Bangladesh garment industry faces the brunt

Bangladesh garment industry has suffered a loss of around US $ 50 million due to recent protests by garment workers. It has also...

Garment workers protest over non-payment of salaries in Noida, India

Upset over non-payment of their two-month salaries and shutting down of the company without prior notice, hundreds of garment workers took to street in Noida, India. The workers of Ivory...

Bangladesh Government to establish LNG terminal

Tapan Chowdhury, President, Bangladesh Textile Mills Association (BTMA) informed that the Bangladesh Government is going to establish an LNG terminal in Kutubdia Island...

South Korean fashion market to reach US $ 34.3 billion this year

The size of domestic fashion market in South Korea is expected to reach US $ 34.3 billion this year, states Samsung Fashion Institute...

BGMEA demands duty-free access to US, Brazil markets

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Siddiqur Rahman has urged US Ambassador to Bangladesh to provide duty-free access to US market...

Eton to strengthen its services in USA

Eton Systems, a global supplier of customized material handling solutions, will expand its business and strengthen its presence in America in 2017, which...

Groz-Beckert acquires Ferd. Schmetz Group

Groz-Beckert, a leading provider of industrial machine needles, has taken over the Ferd. Schmetz Group. The acquisition includes the production sites in Germany,...

Honduras plans to increase its exports to US

Honduras, the Central American country, is aiming to become one of the top textile and apparel exporters to the USA by 2020. Total...