It is stated recently that total garment export turnover was estimated to reach US$6.16 billion in the first half of the year 2011, which is 30% increase compared with last year and is the highest growth rate in the past five years. At this rate, it is promising that Vietnam garment exporters could reach the target of $13.2 billion revenue earned from garment exports at the end of the year and only the way to pursue the target of $18 billion in export value by 2015 and $25 billion by 2020, as written in the Development Plan for Garment and Textile for the 2011-20 period by the Government.
At present, TPP is still ongoing negotiation and the parties involved have not put forward any suggestions on the origin principle of garment products. However the nine countries have aimed to made a conclusion before the summit of the 21-member Asia-Pacific Economic Copperation forum in Honolulu in November. Among the other eight negotiating countries for TPP, the US is Vietnam clothes manufacturers' biggest export market and garment export value to this market accounts for 55% of the Southeast Asian region's total garment exports.
To take the great trade opportunity of joining the Partnerships and to be proactive on the run to deepen the penetration into the US market, as part of the development plan for the 2011-20 period, the Government has made some outlined points to concentrate on developing which include the plan to focus on research and development of raw materials production and using technologies in production, from which Vietnam garment factories to take control all over the procedures of production from raw materials to finished products. If the implementation of this plan is proved to be efficient, the chance of Vietnam clothing factories to meet even the strict rules of origin from the TPP is achievable.
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