TPP will promote Vietnam’s textile exports to the United States
According to Vietnam’s “Investment News”, Vietnam joined the “Trans-Pacific Strategic Economic Partnership Agreement” (TPP) negotiations in October 2010. After the TPP is signed, 95% of Vietnam’s textiles exported to the United States will enjoy zero tariffs, which will help expand exports to the United States. Currently, Vietnam is the second largest exporter of textiles to the United States after China, with exports of US$6 billion in 2010 and approximately US$3 billion in the first half of 2011, accounting for approximately 8% of the US market.
According to reports, Vietnamese textile companies still face many difficulties if they want to enjoy zero-tariff treatment. Among them, the most important is the rule of origin, which requires companies to use raw materials such as fabrics and yarns from TPP members. Vietnam’s garment fabrics mainly come from China and basically do not import from TPP members. In the first half of 2011, Vietnam imported US$4.5 billion in textile raw and auxiliary materials, mainly from China, South Korea and Thailand.
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