The Trans-Pacific Partnership between the 12 member nations is expected to be signed soon and Vietnam’s textiles and garments industry is likely to enjoy the agreement’s greatest benefits by increasing its competitiveness.
Local businesses have made every effort to prepare themselves when Vietnam becomes a TPP member by meeting all the required standards, said the Danang Today online.
In particular, they have focused on investing in technology, training their employees, and trade promotion activities.
As a result, the local textiles and garments industry earned about US$200 million from exports last year, and in 2014 this is expected to reach US$250 million.
2014 is designated the “Year for Business” which will drive the promotion and development of local businesses, especially those in the textiles and garments industry.
Many of the companies have expectations that even more apartment blocks for low-income earners will be built in the city for their workers because more than 60 percent of them come from outside the city.
Special attention will be paid to issuing preferential policies for local businesses, allowing them easier access to credit to develop their business. In addition, a focus will be on helping them to enjoy benefits from the city’s trade promotion programmes, including exemption from stand rentals at exhibitions and fairs.
According to statistics, in 2012, Vietnam’s textile sector earned US$17.2 billion from exports and made up over 15 percent of the country’s total export turnover. The 2013 respective figures were estimated at over US$20 billion and 17 percent.
TPP countries now account for nearly 60 percent of Vietnam’s total garment export value.