Vietnam garment, footwear exports to the US rise, sans TPP

Despite not receiving preferential trade pacts, the Southeast Asia nation's shipments of apparel, textiles and footwear are on an uptrend.

November 15, 2017

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Despite not receiving preferential trade pacts, the Southeast Asia nation's shipments of apparel, textiles and footwear are on an uptrend.

Vietnam garment, footwear exports to the US rise, sans TPP

Vietnam's exports of garments, textiles and footwear to the US are expected to increase in coming months despite the Southeast Asia nation not receiving preferential trade pacts, according to recent data gathered by the American Apparel & Footwear Association (AAFA).

This comes as more US businesses seek investment opportunities in Vietnam even after the North America country's withdrawal from the Trans-Pacific Partnership (TPP) earlier this year.

Vietnam's strengths in quality, price and delivery commitments are the major factors enticing US retailers to establish business in the country. These attributes are also pushing the country to become among the world's fastest-rising garment hubs.

The AAFA noted that US imports of garment-textiles and footwear from Vietnam grew by almost 9 and 12 percent respectively in the past 12 months, making the ASEAN-member country the second-biggest exporter to the US, after China.

Overall, Vietnam shipped more than $30 billion worth of goods to the US in the first eight months of this year, accounting for about 2 percent of the North America country's total import turnover.

During the same period Vietnam paid $2.2 billion in tariffs, ranking second out of 15 countries paying the highest import taxes to the US.

However, experts believe that suppliers will have to improve further safety compliance matters to avoid facing difficulties in exporting to the US in the future as tighter regulations on product safety are underway.

To help businesses in the country, the AAFA and the American Chamber of Commerce in Vietnam held recently a series of activities in Ho Chi Minh City, including workshops on product safety and compliance issues.

Earlier this year, the National Cotton Council of America CCI coordinated with the Vietnam Textile & Apparel Association to organize the Cotton Day 2017, which emphasized the adoption of US cotton. During the event, 12 businesses were granted investment licenses to operate in Vietnam.



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