VietNamNet Bridge - A new investment wave is expected to hit Vietnam’s textile & garment industry in the time to come, triggered by the Vietnam-South Korea FTA. Vietnam’s textile and garment exports to South Korea have been growing very rapidly since 2015. Textiles and garments received big benefits from the trade agreement, with 24 product categories enjoying preferential tariffs lower than the tariffs applied to other ASEAN countries. An analyst, citing reports of the Ministry of Industry and Trade (MOIT), affirmed that exports of some products have been increasing steadily by 3-4 percent each year in the last three years. Textiles and garments received big benefits from the trade agreement, with 24 product categories enjoying preferential tariffs lower than the tariffs applied to other ASEAN countries. Textiles & garments now account for 17.8 percent of Vietnam’s total exports to South Korea. However, Vietnam’s textiles and garments only … [Read more...] about Vietnam ready to receive South Korean investment in textile & garment sector
In CPTPP, Vietnam must boost economic reform - VCCIThuy Dung Panelists are seen at a workshop on CPTPP in Hanoi City on May 22- PHOTO: THUY DUNG HANOI – As an official member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam will have no choice but to reform its economic institutions in a comprehensive manner, said Vu Tien Loc, president of the Vietnam Chamber of Commerce and Industry (VCCI). Speaking at a workshop held in Hanoi City on May 22 by the VCCI and the Ministry of Industry and Trade, Loc said Vietnam and 10 other Pacific Rim countries clinched the trade pact on March 8. The CPTPP allows Vietnam to sign three new free trade agreements – one with Canada, one with Mexico and one with Peru, he said, adding the country can also upgrade seven existing agreements with other member countries of the pact. “With the TPP, Vietnam had plenty of opportunities to export textiles, garments, footwear, and agricultural … [Read more...] about In CPTPP, Vietnam must boost economic reform
VietNamNet Bridge - Labor costs in Vietnam are expected to be higher after commitments in the CPTPP (the Comprehensive and Progressive Agreement for Trans-Pacific Partnership) trade agreement are implemented, experts say. Vietnam feels pressure on labor quality Nguyen Thi Thu Trang, director of the WTO Center under the Vietnam Chamber of Commerce and Industry (VCCI), said that all the provisions in the TPP related to labor are also found in CPTPP. With CPTPP, Vietnam will have to implement two groups of commitments on workers’ rights and working conditions, as well as observe the principles in the ILO (International Labor Organization) Declaration on Fundamental Principles and Rights at Work. Vietnam will not face many challenges in implementing labor commitments stipulated in Chapter 19 of the agreement as the commitments are not as strict as requested by the US in the TPP. However, the pressure will be hard for Vietnam to implement commitments in bilateral agreements … [Read more...] about CPTPP: Vietnam to feel pressure on labor quality
U.S. President Donald Trump said last week he would reconsider joining the landmark Trans-Pacific Partnership (TPP) trade agreement, if it were a “substantially better” deal than the one offered to President Barack Obama. Here is a look at the state of play in the negotiations and the conditions needed to be in place for the United States to join an agreement Trump scrapped as soon as he took office. What are the TPP and CPTPP? The original 12-member agreement was known as the TPP. It was a signature trade policy of Obama, but he was unable to secure Congressional support for the deal. It was thrown into limbo when Trump withdrew from the deal three days after his inauguration in January 2017, a move he said was aimed at protecting U.S. jobs. Following the U.S. withdrawal, the remaining 11 countries renegotiated parts of the TPP, removing some of Washington’s demands. In March, they signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership … [Read more...] about Trump says US could rejoin TPP if deal improved. How hard would it be?
By AFP  April 15, 2018 | 10:18 am GMT+7 President Donald Trump says the US could re-enter the TPP if it could get a 'better' deal, a major U-turn after leaving the Pacific trade pact last year. Photo by AFP 'I can't see us unpicking all the stitching that brought this deal together to accommodate the U.S. at this point.' There is "no appetite" among the Trans-Pacific Partnership signatories for major renegotiations to accommodate the US, Australia said Sunday after President Donald Trump indicated he was considering rejoining the pact. Trump said Thursday the U.S. could re-enter the TPP if it could get a "better" deal, a major U-turn after leaving the Pacific trade pact last year and calling it a jobs killer. But Australia's Trade Minister Steven Ciobo said he "can't see any appetite for any kind of wholesale renegotiations of the TPP deal to accommodate the United States". "Now don't get me wrong, that's not saying we don't want the Americans back in, … [Read more...] about ‘No appetite’ for major TPP changes to accommodate US: Australia