Vietnam Chamber of Commerce and Industry urges textile and garment industry to be cautious of CPTPP deal

by Apparel Resources News-Desk

02-January-2019  |  1 min read

Garment factory in Vietnam
Image Courtesy: tgvn.com.vn

The Vietnam Chamber of Commerce and Industry (VCCI) has urged the garment and textile sector of the country to be little cautious of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) deal.

Elucidating on the same, Vu Tien Loc, Chairman, VCCI, said that despite all the optimistic predictions about several previous free trade agreements (FTAs), Vietnam gained paltry from FTAs.

The VCCI Chairman further added that since Vietnam could make use of only 40 per cent of benefits created by preferential tariffs, many regulations on trade, customs and labour need revision so as to enforce the CPTPP correctly.

The CPTPP officially came into effect on 30 December 2018 and has been for a long time considered a business booster to optimise opportunities generated by the deal.

Concurring with the thoughts of VCCI Chairman, Ngo Chung Khanh, Deputy Director, Multilateral Trade Policy Department, Ministry of Industry and Trade, averred that at least seven laws along with dozens of decrees need revision for correct enforcement of CPTPP.

He, however, added that CPTPP will have a positive impact on local investment environment. The CPTPP is expected to create more jobs and also enhance the economic growth of the nation.

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