20/07/2015 15:36 GMT+7 Email Print Like 0

Textile, apparel exports to TPP markets skyrocket

Ho Chi Minh City, July 20 (VNA)- Vietnam’s textile and apparel exports to countries negotiating the Trans-Pacific Partnership (TPP) agreement in the first five months of this year increased 69.66 percent compared to the same period last year.

The majority of the exports were sent to the US with over 4 billion USD, equivalent to nearly 50 percent of the total earnings, marking a 53 percent increase year on year. It was followed by Japan and Canada with export values of 1 billion USD and 207 million USD, respectively.

According to the Vietnam Textile and Apparel Association, the sector’s export turnover in the first six months was 12.18 billion USD, up 10.26 percent compared to the same period last year. The industry is expected to bring home 28 billion USD this year.

TPP negotiations began in 2005 and now include 12 countries, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore, Peru, the United States and Vietnam.

The pending TPP, expected to be completed this year, will create an important momentum for economic ties between Vietnam and TPP member countries.

The agreement would create a free trade area with a population of 800 million, accounting for 30 percent of the global trade turnover and nearly 40 percent of the world economic output.