Vietnam’s economy has been growing quickly and continuously especially for exportation while the global economy have been sluggish. However, the main product for exporting of Vietnam is agricultural product such as cashew nut, black pepper, coffee and rice. Moreover, textile goods is another product that Vietnam focus on to export.
According to the Trading Economics, a website that provides historical economic data of many countries, posted on July 19, 2015. In the last five years, Vietnam exports clothing and footwear for thirty percent of the total shipments, and have the United state, Japan and China for the main export partners. Eighteen percent of the total exports makes the United State to be the largest partner.
Moreover, Hanoi and the United State are going to support American exporters as a result the arrangement between the countries that joining the new Pacific trade zone or also call the Trans-Pacific Partnership, which is a proposed trade agreement between several Pacific Rim countries concerning a variety of matters of economic policy, to cut back on imports from China. Nevertheless, it is not a part of the trade pact, to get preferential market access to the United State. The objective is to create new markets in Vietnam for the United State textile industry. In contrast, all the fashion brands in the United State disagree with this access. All the brands want to import all goods into the United State without an income tax, no matter where the product is produced. Julia Hughes, president of the United State Fashion Industry Association and a trade group representing American brands, said the United State textile exporters will not be able to feed Vietnam’s appetite in sufficient quantities, forcing garment producers there to continue to rely on Chinese fabrics. “Vietnam isn’t going to get much duty-free access” to the United State under current rules, Ms. Hughes said.
The United State garment industry contradict that free trade will help the economy. In Congress has made the Pacific trade pact to be an argumentative issue after the debate has over.