Vietnam’s long-awaiting permanent normal trade relations (PNTR) status passed by the US Congress last weekend will benefit exports and heighten the mentality of businesspeople on both sides, a trade senior official has said.
Luong Van Tu, Deputy Trade Minister made his remarks just after the trade bill was approved at the Congress, fully normalizing the trade ties between Vietnam and its former foe, and promising to create an impetus for Vietnamese exports including garments, textiles and footwear.
“The Vietnam Textile and Apparel Association (Vitas) has regards the passage of the trade bill as a good opportunity for Vietnamese businesses to enter the US market, to be fairly treated without any discrimination and free of quotas” General Secretary of VITAS, Le Van Dao said.
The country’s garment and textile sector is expected to post about US$5.8-5.9 billion export revenue, including US$2.7-2.8 billion from the US market.
“A good chance for Vietnam’s leather and footwear sector to reap achievements,” said vice chairman of Vietnam Leather and Footwear Association and director of Thai Binh Footwear Company, Nguyen Duc Thuan emphasized.
Currently, the growth rate of Vietnamese footwear products has been 30-35 per cent a year, Thuan noted.
Quota measures are to be reinstated on Vietnamese garments and textiles if government subsidies are found, Dao said, minimizing concerns over the US’s re-imposing quotas because Vietnamese garments and textiles now account for only 3.8 per cent of the US market with low competitiveness.
The modest amounts of these goods are not subject to anti-dumping lawsuits, Dao emphasized.
Besides, Vietnam footwear and shoes will be afforded opportunities to penetrate both northern and Latin American regions.
So far, VITAS has not yet received any documents regarding PNTR approval from the US.
Vietnam’s garments and textiles rank seventh among US garment and textile imports after China, India, Pakistan, Mexico, Canada and Bangladesh.
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