As per Vietnam Textile and Apparel Association (VTAA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) expected to come into force in early 2019, will offer numerous opportunities for the garment-textile sector. Firstly, the industry will be able to access many markets with huge potential, including those with which Vietnam has yet to sign free trade agreements (FTA). Import tariff on most products will reduce to zero over the course of seven years, which will help businesses achieve high economic efficiency and increase competitiveness. Garment-textile firms will be also able to make use of raw material supply and learn about production technology and management skills from CPTPP member countries.

The pact will provide new opportunities for businesses in both export and import. For example, currently Vietnamese apparel makers have to rely on materials imported from China, Japan and the Republic of Korea. With the CPTPP, enterprises could import material from other CPTPP countries such as wool from Australia. In order to capitalise on opportunities presented by the CPTPP, enterprises will need strong support from State management agencies. On their part, the enterprises must spare no effort to penetrate into the markets, first of all by studying thoroughly their target markets. They should also invest in modern machines and sharpening skills for workers.