spot_img
spot_img
spot_img
spot_img
spot_img

Vietnam’s textile, wood sectors to gain most from CPTPP

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and related tariff commitments have opened up multiple opportunities for Vietnam’s export industries, with a range of key products including furniture, garments and footwear, according to experts, who feel the wood and textile industries will be the two to benefit the most.

At a recent seminar on Vietnam’s textile, footwear, furniture and beverage industries under the opportunities and challenges from CPTPP jointly organised by the Vietnam Chamber of Commerce and Industry and the Australian Embassy in Vietnam, economists projected that CPTPP and its tariff commitments will open up markets of the 11 economies participating in the agreement offering great opportunities for many Vietnamese export items.

There will be more growth opportunities from CPTPP for the textile sector. Currently, Vietnam’s leather and footwear exports are the second largest in the world, behind only China. Vietnam’s textile and apparel exports are also ranked third in the world, behind China and approximately equal to India.

Before the CPTPP took effect, the CPTPP member countries’ markets accounted for 12.5 per cent of Vietnam’s total footwear exports and 16 per cent of total textile exports.

However, experts caution that besides creating opportunities to access new markets, CPTPP with commitments on market opening will also result in considerable competitive pressure for enterprises, even in the domestic market, according to Vietnamese newspaper report.

Especially, the detailed and complex conditions of CPTPP’s rules of origin would be another obstacle for businesses, as not all of them could meet to take advantage of tariff preferences, not to mention that the CPTPP also includes other commitments on labour, environment, intellectual property, etc., that could increase the cost for businesses.

 

Also Read: Vietnam’s 2019 trade surplus hits 4-year record

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img
spot_img

Related News

Jeanologia Receives the ‘Cristobal Balenciaga’ Award from the Spanish Fashion Academy

Jeanologia has been honored with the title of 'Best...

Mario Jorge Machado Elected President of EURATEX

Portuguese textile entrepreneur, Mario Jorge Machado, has been elected...

Joint Statement on TCLF Social Partners’ Priorities for the Next European Mandate (2024 – 2029)

The EU TCLF Social Partners, CEC, Cotance, Euratex and...

ABIT: Leading Brazil’s Textile Industry into the Future

Discover the visionary leadership of Mr. Fernando Valente Pimentel,...

Coats Digital Enhances GSDCost for Efficient, Transparent, and Sustainable Vendor Collaboration

Unique, world-first, new features in GSDCost will enable brands...

APTEXPO 2024 Re-engineering towards a Resilient, Adaptive and Sustainable Supply Chain

The Asia-Pacific region stands as the cornerstone of global...
×