Hanoi (VNA) – As one of the world’s largest apparel producers and exporters, Vietnam has seen considerable strides in its textile and garment industry.Notably, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to open up many opportunities for the sector.As an industry insider, Managing Director of the Vietnam National Textile and Garment Group (Vinatex) Cao Huu Hieu talked with VietnamPlus about the sector’s contributions to the national economy.CPTPP helps to diversify markets- With new opportunities from the CPTPP, how much growth do you forecast for the industry?Mr Cao Huu Hieu: In the first nine months of 2018, the sector grew by more than 16 percent, which was an impressive figure.Without the US’s participation in the CPTPP, the market scale will not be big as expected. Vietnam’s textile industry will certainly thrive thanks to the deal, but not at breakthrough level for sure.If China joins the CPTPP, not only Vietnam but member countries will also face intense competition.- There have been rumours that China plans to join the CPTPP. Have domestic firms made preparations for this?Mr Cao Huu Hieu: China is a major rival for other member nations because its apparel export volume and popularity beat others. It can manufacture… Read full this story
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