In 2019, Vietnamese businesses are poised 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.
Even in 2018, when the CPTPPP was yet to take effect, Vietnam’s textile-garment exports to Canada soared by 19.7 percent.
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.-VNA
