(VOVworld) – The Canadian Press (CP) reported that Vietnam, especially its garment and textile and leather footwear sectors will benefit the most from the Trans-Pacific Partnership agreement through the elimination of tariff and non-tariff barriers in the US and other major markets.

Manufacturing in Binh Duong garment limited company (Photo: VNA)

The CP said that the Trans-Pacific Partnership agreement will promote the economic development of the 12 member countries by expanding markets within the bloc. Vietnam’s garment and textile enterprises, especially, will enjoy great advantages in accessing the US market, where a 17 percent tariff is currently imposed on imported clothes.
Vietnam’s leather footwear will also benefit compared to countries like the US, Mexico and Canada, who have strengths in agriculture, machinery, and electronic equipment. Vietnam’s economy is forecast to grow 11 percent by 2025 and its exports to increase 28 percent.
This growth rate will exceed that of any other TPP member and that Vietnam’s low labor cost will make it an attractive destination for investors.