(VOVworld) – Vietnam’s market share of garment and textile in the US is expected to grow for the 2nd consecutive year in 2016, surpassing Central America.
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| A garment and textile workshop(Photo: VNA) |
According to Karin de Leon, Executive Director of CECATEC, a lobby agency in Central America, more sourcing and investments are predicted to move to Vietnam as a member of the Trans-Pacific Partnership agreement.
Vietnam has to respect regulations on origin of materials and follow a decade-long tariff reduction roadmap.
It enjoys benefits of the Import Program Allowance (IPA) and loosening rules of scarce good supply while Central American countries don’t. The TPP has made Vietnam able to access big market without tariff.