Vietnamese textile and garment exports to Trans-Pacific Partnership (CPTPP) markets have failed to match the country’s stature as the world’s second largest apparel exporter, General Director of the Vietnam National Textile and Garment Group (Vinatex) Le Tien Truong recently told a Montreal workshop attended by representatives of 35 Canadian enterprises.
The event was organised as part of a trip by officials of Vinatex and its five member companies to Canada to promote their textile and garment exports to the nation. The total textile-garment demand in 11 member nations of the CPTPP was estimated at $83 bn annually. In 2018, Vietnam’s textile-garment exports to CPTPP markets were $5.3 bn, making up 6.3 per cent of the market, Truong said.
Canada’s demand for textile-garment products was worth some $13-14 bn each year, but only 5 per cent of that was provided by Vietnam, according to a report. The CPTPP, which took effect in Vietnam on January 14, was expected to boost exports of Vietnamese textile and garment products to Canada as 42.9 per cent of the shipments of these products to the market would enjoy an import tariff of zero per cent in the first year the deal comes into force.