Vietnamese apparel firms move to penetrate Canadian market

(VOVWORLD) - The Vietnam National Textile and Garment Group (Vinatex) held a workshop in Montreal city on Thursday, attracting representatives from 35 Canadian enterprises. 
Vietnamese apparel firms move to penetrate Canadian market - ảnh 1Vinatex General Director Le Tien Truong speaks at the workshop on Vietnam's textile and garment sector amid the CPTPP in Montreal city on May 16, 2019. (Photo: VNA) 

The event is part of a visit to Canada by a delegation of Vietnamese businesses to promote textile and garment exports to the North American nation under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). In 2018, Vietnam’s textile-garment exports to CPTPP markets totaled 5.3 billion USD, a 6.3-percent market share. Canada’s demand for textile-garment products stands at 14 billion USD, 5 percent of which is provided by Vietnam. Vinatex General Director Le Tien Truong said this market share doesn’t correspond to Vietnam’s stature as the world’s second largest apparel exporter. He expressed hope that this new approach will help boost Vietnam’s market share in Canada to 12-14 percent.

The CPTPP, which took effect in Vietnam in January, is expected to boost exports of Vietnamese textile and garment products to Canada. Nearly 43 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.