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With TPP in force, Vietnam’s garment exports to Mexico would double

After the implementation of Trans-Pacific Partnership (TPP), the Vietnam Textile and Garment Association (VITAS) and Mexico’s National Chamber of Textile Industry (Canaintex) expects the value of Vietnamese exports to Mexico to double in 3 to 4 years as tariff on Vietnamese goods exported to Mexico would fall to zero from the current 30 per cent.

Representatives of Canaintex 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 $28 billion, nearly $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 co-operation between the two countries. During their one week stay in Vietnam, the team visited several factories and a garment and textile industrial park.