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Garment exports to US likely to hit 11 billion USD

Textile and garment exports to the US is likely to reach 11 billion USD this year, said Dang Phuong Dung, Vice Chairwoman of the Vietnam Garment and Apparel Association.
Textile and garment exports to the US is likely to reach 11billion USD this year, said Dang Phuong Dung, Vice Chairwoman of theVietnam Garment and Apparel Association.

The figure may doubleafter the signing of the Trans-Pacific Partnership (TPP) agreement,which will benefit businesses with tariff cuts for imports, she added.

Vietnam’s garment and textile products normally are levied importduties of 15-16 percent. However, the taxes will be cut down to 7-8percent after the country joins the TPP and the products meet therequirements of origin.

Currently, the US is the biggestimporter of Vietnamese garment and textile products, consuming abouthalf of the total exports.

Garment and textile exports to theAmerican market have increased sharply over the past two decades,hitting 9.8 billion USD last year.-VNA
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