Vietnam sectors upbeat on signing TPP in 2015 The garment and textile industry is one of the Vietnam’s leading economic sectors, with roughly 4,000 enterprises, grossing on average in excess of US$20 billion in revenue annually and comprising 15% of GDP. The sector is listed as one of the world’s top 5 largest with garment and textile products currently shipped to more than 180 nations around the globe, principally in the US, Europe and Japan. Leading market analysts are sanguine on the prospects for breakthroughs the TPP will create optimistically forecasting it could increase exports past the US$20 billion benchmark, a threefold increase when compared against the US$8.6 billion in 2013. Tran Viet, head of the market research department under the Vietnam National Textile and Garment Group says that Vietnam’s garment and textile exporters are anxiously waiting for the signing of the TPP trade pact. Competitive capacity will be the main challenge determining success or failure in the garment and textile sector after the TPP is signed Viet says adding that, with the bright prospects for the signing of TPP in 2015, Vietnamese partners have increased their orders in Vietnam. Analysts also predict that the leather and footwear industry will see remarkable gains when the TPP agreement is signed. At present, the nation has more than 500 leather and footwear manufacturers, which generate an estimated 600,000 jobs. Ms Phan Thi Thanh Xuan, general director of the Vietnam Leather, Footwear and Handbag Association says foreign invested enterprises are beginning to develop domestic supply chains, which is a positive development for the country. These supply chains will give fresh impetus to the strong growth of the leather and footwear sector by making the industry more competitive in the global marketplace, Xuan added. Last but not least, the seafood industry also stands to benefit tremendously from the TPP analysts say. At present, the US and Japan are the two largest seafood export markets of Vietnam. The seafood sector has experienced steady growth over the past three years, witnessing export revenue of US46.2 billion in 2012, and US$6.8 billion in 2013 and US$7.9 billion in 2014. Vu Huy Thu, general director of Blue Ocean Development and Investment JSC says to be competitive in the global seafood marketplace exporters need to have a solid understanding of technical standards and the ISO and Afsat certification process. They especially should obtain a clear and comprehensive understanding of their customers’ requirements, to comply with both domestic and international standards. Joining the TPP agreement will bring practical benefits to Vietnamese business enterprises in the international integration process. According to the market analysts and apart from opportunities, businesses should exert great efforts to cope with the challenges it poses. If not, they will lose out in the home turf when the agreement takes effect. This requires each business to devise a proper development strategy in the coming time they caution. VOV