The Trans-Pacific Partnership (TPP) agreement on tariff exemptions between the 12 member nations is expected to be signed soon.  Viet Nam’s textiles and garments industry is likely to enjoy the agreement’s greatest benefits by increasing its competitiveness against other countries that are not TPP members.

Although the output of Da Nang’s textiles and garments companies only accounts for 7% of Viet Nam’s total, the city has the greatest potential for the future development of this sector.  Therefore, local businesses have made every effort to prepare well for when Viet Nam becomes a TPP member by meeting all the required standards.  In particular, they have focused on investing in technology, training their employees, and trade promotion activities.   

Workers at the 29 March Textiles and Garments Company

As a result, the local textiles and garments industry earned about 200 million USD from exports last year, and in 2014 this is expected to reach 250 million USD.

2014 is designated the “Year for Business” which will drive the promotion and development of local businesses, especially those in the textiles and garments industry.  Many of the companies have expectations that even more apartment blocks for low-income earners will be built in the city for their workers because more than 60% of them come from outside the city. 

Special attention will be paid to issuing preferential policies for local businesses, allowing them easier access to credit to develop their business.  In addition, a focus will be on helping them to enjoy benefits from the city’s trade promotion programmes, including exemption from stand rentals at exhibitions and fairs.