CPTPP likely to increase garment exports to Australia
Sunday, May 13,2018AsemconnectVietnam - Viet Nam’s turnover from textiles and garment exports to Australia is predicted to reach a double-digit growth after the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
According to Nguyen Phuc Nam, deputy director of the Department of Asia-Pacific Market under the Ministry of Industry and Trade, Australia is a potential market for Vietnamese textiles and garment exporters, although the market share of Vietnamese products in Australia remains small.
Truong Van Cam, vice chairman and secretary general of VITAS, said the current growth of textiles and garment exports to Australia was just below 10 per cent, but with the signing of CPTPP, the rate was expected to reach a double-digit growth.
Reports presented at the workshop showed that total textiles and garments import turnover of the CPTPP member countries exceeded US$53 billion in 2017, of which Australia was the third-largest import market, with a total turnover of over $6.2 billion, accounting for 11.67 per cent.
Viet Nam earned over $4.8 billion from exporting textiles and garments to other CPTPP member nations in 2017, making up 9.07 per cent of the market share.
Moreover, Australia is gradually shifting to importing and outsourcing of textiles and garment products in Viet Nam because of cheaper labour cost and lower tax rates than in China.
Viet Nam is facing serious competition from China as the latter’s textiles and garment market share in Australia amounts to 60 per cent.
Large Vietnamese enterprises are not interested in small orders, while small firms do not have a social responsibility certificate to qualify for exports to Australia.
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