Implementation of yarn-forward principle in the TPP would attract entrepreneurs to invest in Vietnamese textile industry for manufacturing materials that would be used for production of garments meant for export to the US at zero-tariff. According to the General Department of Customs, by November 15, 2012, Vietnam had exported 15,687 billion dollars worth of garments and fibers. However, in order to make such exports, it had to import 10.77 billion dollars worth of materials, including six billion dollars worth of cloth imports.Also according to the customs agency, China has been the biggest supplier of fabric and materials to Vietnam (3.5 billion dollars in the first 10 months of 2012), followed by South Korea and Taiwan.
The “yarn-forward principle” has prompted investors to inject their money in the textile industry. Textile factories to be set up in the near future would supply Vietnamese garment producers, who would export their products to the US and enjoy the zero export tariff.
TPP is believed to bring not only economic benefits, but social benefits as well. According to Vitas, in order to generate one billion dollars worth of garment exports, Vietnam would need 100,000 workers. As such, if Vietnam can export 22 billion dollars worth of products by 2020 as predicted, this means that millions of new jobs would be created.
The TPP aims to enhance trade and investment, promote innovation, economic growth and development, and support the creation and retention of jobs in TPP partner countries.
At present, Vietnam depends on China, Taiwan and South Korea, to a great extent, for its raw material imports.
Hence, the implementation of yarn-forward principle in the TPP would attract entrepreneurs to invest in Vietnamese textile industry for manufacturing materials that would be used for production of garments meant for export to the US at zero-tariff.
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