Vietnamese garment exports to boost with Mexico after TTP implementation
The Vietnam Textile and Garment Association (VITAS) and Mexico’s National Chamber of Textile Industry (Canaintex) after the implementation of Trans-Pacific Partnership (TPP) expects the value of Vietnamese exports to double in 3-4 years to Mexico as tariff on Vietnamese goods exported to Mexico would fall to zero from the current 30 %
Canaintex representatives said that with TPP agreement coming into effect, Vietnam’s garment and textile exports will rise sharply and its market share in TPP member countries would increase substantially due to preferential tax policies.
According to VITAs, Vietnam has targeted to increase its garment and textile exports from $28 billion at present to USD 50 billion by 2020. Of the USD 28 billion, nearly USD 11 billion worth of garments were exported to the US, another TPP member country, last year.
A delegation from Canintex recently visited Vietnam to lay foundation for bilateral garment cooperation between the two countries. The team during their one week stay in Vietnam visited several factories and a garment and textile industrial park.