Wednesday, November 21, 2018 11:25:56 AM - Markets open
VN-INDEX 913.76 -5.26/-0.57%
HNX-INDEX 103.47 -0.44/-0.42%
UPCOM-INDEX 51.70 -0.36/-0.69%
CPTPP likely to lift Vietnam’s garment exports to Australia - 5/10/2018 9:54:45 AM
 (0 ratings. You must sign in to rate.)
Vietnam’s turnover from textiles and garment exports to Australia is forecast to reach a double-digit growth after the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) agreement, heard a workshop in Hanoi on May 9. 
Jointly held by the Vietnam Textile and Apparel Association (VITAS) and the IEC Group of Australia, the event focused on measures to help Vietnamese textiles and garment enterprises increase exports to Australia. 
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, while the market share of Vietnamese products in this market remains small. 
Truong Van Cam, Vice Chairman and Secretary General of VITAS, said that the current growth of textiles and garment exports to Australia is just below 10 percent, but with the signing of the CPTPP, the rate is expected to reach a double-digit growth. 
Reports delivered at the workshop showed that total textiles and garment import turnover of the CPTPP member countries exceeded 53 billion USD in 2017, of which Australia was the third biggest import market with total turnover reaching over 6.2 billion USD, accounting for 11.67 percent. 
Vietnam earned over 4.8 billion USD from exporting textiles and garments to the other CPTPP member nations in 2017, making up 9.07 percent of the market share. 
As committed in the CPTPP, Australia will reduce its import duties to 5 percent in the first three years after the agreement comes into effect, and to zero percent from the fourth year for almost products. 
Moreover, Australia is gradually shifting to import and outsource textiles and garment products in Vietnam because of cheaper labour cost and lower tax rates than those in China. 
Cam said Australia’s textiles and garment import turnover grows by 3-5 percent annually in the past 5 years. In 2017, the country imported about 9.32 billion USD of textiles and garment products from countries in the world. Vietnam’s textiles and garment exports to the nation reached only 173 million USD, equivalent to just 1.9 percent of its total textile import turnover. 
Vietnam is facing a severe competition from China as the country’s textiles and garment market share in Australia amounts to 60 percent. 
According to Tran Van Quyen, a representative of Woolmark Company of Australia in Vietnam, the purchasing power of Australian consumers is even higher than that in the  US and Europe. However, orders from Australia are usually small because Australian firms are operating in the form of online business, so they usually order in small quantities, avoiding large inventory. 
Vietnamese big enterprises are not interested in small orders, while small firms of Vietnam do not have a social responsibility certificate to qualify for exporting products to Australia. 
In order to get better access to the market, Vietnamese businesses should enhance promotion and study more to understand its characteristics, said Nam of the Department of Asia-Pacific Market.-VNA 
Read original article here
Newer News
12/11 PM urges banks to aid key economic sectors Read more at
23/10 Ha Noi focuses on e-commerce
31/08 Vietnam, China to open new border gate pair
17/08 Cement exports record strong growth
15/08 Vietnamese steel sector amidst US-China trade war
14/08 Rubber industry faces falling export price
14/08 US’s DoC levies anti-subsidy tax on Vietnamese laminated woven sacks
08/08 US initiates anti-dumping investigation into VN’s cold rolled steel
06/08 Agro-forestry-fishery exports grow 7.8 percent in 7 months
04/08 Vietnam works hard to have “yellow card” warning removed
Older News
05/05 Rice exports bring home 1.1 billion USD in Jan-Apr
23/04 Vietnam is big winner of free trade deals
11/04 Vietnam exports rambutan to New Zealand
07/04 Vietnam’s fruit, vegetable exports up 33.4 percent in Q1
06/04 EVFTA to boost textile firms’ exports
05/04 Tra fish industry grapples with export difficulties
03/04 Coffee export volumes jump, value falls in Q1
02/04 Aquatic export up 11.5% in first quarter
30/03 Vietnam wins anti-dumping steel lawsuit in Australia
29/03 Import-export revenue surges nearly 37 percent in March
Newsletter Signup
Top Stories
VN Index to rise amid volatility, weak liquidity
VN stocks continue rallying
VN manufacturing PMI hits 22-month high in March
CPI goes up 4.96 percent year-on-year in first quarter
Slight rise in February CPI
Market Update
Last updated at 11:31:56 AM
VN-INDEX 913.76 -5.26/-0.57%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.