Vietnamese garments to benefit from CPTPP if meeting origin rules
Considered as one of the greatest beneficiaries when the CPTPP comes into effect, Vietnam’s garment sector will be able to take advantage of tax preferences if it meets the trade pact’s rules of origin.
According to the Ministry of Industry and Trade, when the CPTPP comes into effect, import duties on garments originating from Vietnam will be eliminated when exported to CPTPP economies. Such a market opening is highly significant because tariffs on garments are usually much higher than other industrial goods. This is a truly tremendous opportunity for Vietnam.
The rules of origin will ensure a balance between trade facilitation and trade fraud prevention. When meeting the rules of origin, goods will be granted certificates of origin, which are their passports, the most legal guarantee for their producers to enjoy tax preferences.
