08:55 | 24/07/2015 Trade
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.
Garment-textile for exports (Photo: VNA)
The figure may double after 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 import duties of 15-16 percent. However, the taxes will be cut down to 7-8 percent after the country joins the TPP and the products meet the requirements of origin.
Currently, the US is the biggest importer of Vietnamese garment and textile products, consuming about half of the total exports.
Garment and textile exports to the American market have increased sharply over the past two decades, hitting 9.8 billion USD last year./.