US withdrawal from TPP to not impact Vietnam garment exports

A high ranking official of the Vietnam Textile and Apparel Association (VITAS) said that the garment industry in Vietnam has thrived without the Trans Pacific Partnership (TPP) as it holds the second biggest market share in the US and Japan. He observed that withdrawal of the US from the TPP, would not impact exports of clothing from the country.

"Apart from TPP, Vietnam has signed and will sign several free trade agreements (FTAs)," Truong Van Cam, vice chairman of VITAS said, while highlighting Vietnam’s garment and textile export potential to other markets, including the US.

"Clothing exporters have continued to adopt new technologies to improve their productivity and reduce costs, which has increased their competitiveness in exports to Japan and USA," Cam was quoted as saying by Vietnamese media.

The Vietnamese garment sector has targeted a growth rate of 7-8 per cent in 2017 and $30 billion in export earnings.