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CPTPP to aid Vietnam’s textiles exports

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) agreement is expected to aid Vietnam's exports, especially textiles and footwear industries. One of the key contents of the CPTPP is removal of 95-98 per cent of tariff lines as soon as the agreement enters into force. The remaining tariff lines will be cut over the next seven years, moves predicted to aid the growth and export turnover of the two industries.

According to the Vietnam Textile and Apparel Association (VITAS), the CPTPP will help Vietnam accelerate its growth and make the export market more balanced. The zero-per cent tariffs will help the country’s textile and garment industries expand market share in countries with high tax rates like Canada, New Zealand and Australia.

The CPTPP sets strict requirements on product origin, which is a big challenge for Vietnamese enterprises and the textile and garment and footwear sectors in particular, as they are heavily dependent on material sources imported from China, India and other ASEAN countries.

 

 
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