Dependence on imports ends, Vietnam exports clothing accessories for the first time

After decades of relying on imported clothing accessories, Vietnam exported clothing accessories for the first time in 2013.
Last year, Vietnam exported US$700 million worth of garment accessories, Vietnam Textile and Apparel Group (Vinatex) said.
This indicates that Vietnam’s domestic accessories industry has finally reached its target, ensuring that clothing manufacturers stop relying on expensive material purchases imported from other countries, such as Bangladesh, China, and South Korea.
For example, the share of domestically made materials in Vietnam’s Tenth Clothing Company’s products has grown from 30-40% a few years ago to 60% currently.
Vietnam’s revenue from apparel exports may soon reach US$20 billion, especially with the successful negotiation of the Trans-Pacific Partnership.
However, the availability of locally produced materials is relatively modest, and increasing the share of domestically produced materials is very important for Vietnam to fully utilize the Trans-Pacific Partnership Agreement.
The 12 negotiating countries of the Trans-Pacific Partnership Agreement are the United States, Canada, Mexico, Japan, Chile, Peru, Malaysia, Singapore, Brunei, Vietnam, Australia, and New Zealand. These countries are located on 3 continents, accounting for 40% of global GDP and 30% of international trade.