Vinatex moves to foster apparel exports to CanadaWednesday, June 12,2019
AsemconnectVietnam - A delegation of the Vietnam National Textile and Garment Group (Vinatex) businesses has visited Canada to promote textile and garment exports to the North American nation under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Total textile-garment demand in the CPTPP, which gathers 11 members with a combined population of 500 million, is estimated at 83 billion USD. In 2018, Vietnam’s textile-garment exports to CPTPP markets were 5.3 billion USD, a 6.3-percent market share.
Canada’s demand for textile-garment products is worth some 13-14 billion USD, 5 percent of which is provided by Vietnam.
Vinatex General Director Le Tien Truong said this market share hasn’t matched Vietnam’s stature as the world’s second largest apparel exporter. While Vietnam has a 14-percent market share in the US, the modest proportion in Canada is a chance for textile-garment exporters, especially as both countries have ratified the CPTPP.
He said all businesses have opportunities to access a better tariff policy if they satisfy rules of origin. Therefore, Vinatex has organized trade promotion activities in 2018 and 2019 to meet with Canadian importers.
Even in 2018, when the CPTPPP was yet to take effect, Vietnam’s textile-garment exports to Canada soared by 19.7 percent, Truong noted, adding that he hoped they can help boost Vietnam’s market share to 12-14 percent.
At the workshop, David Ostroff, President of David O International, highlighted the huge cooperation potential for Vietnam and Canada, noting that Vietnam’s prices are comparable to China’s, and its businesses operate in an organized and effective manner.
Notably, Canada can access the Vietnamese market with a tariff rate of zero percent, especially key with the Canadian dollar weak internationally. This is the right time for Vietnam to enter the Canadian market, he said.
The CPTPP, which took effect in Vietnam on January 14, is expected to boost exports of Vietnamese textile and garment products to Canada when 42.9 percent of the shipments of these products to the market will enjoy an import tariff of zero percent in the first year the deal comes into force.
State capital investment corporation successfully sells capital in nearly 1,000 firms
Vietnamese firms join India International Silk Fair
Vietnam Airlines reports higher revenue in first half
VPBank completes first $300 million international bonds issue
Singaporean businesses seek investment in Viet Nam
First solar power plant in Binh Dinh inaugurated
TCL plans to build two plants in Quang Ninh province
More than 723,000 firms using e-tax declaration services
Listed companies may find EVFTA rules tough, say securities firms
Kafnu joins coworking space market in HCMC
Tetra Pak inaugurates Vietnam’s first carton packaging material factory in Binh Duong
Central Group orders goods from 50 local apparel producers again
Vietnam Airlines starts operations in Russia’s Sheremetyevo airport
Toyota Vietnam expands operations to Bac Giang