Monday, June 25, 2018 10:13:45 PM - Markets open
VN-INDEX 990.52 +7.35/+0.75%
HNX-INDEX 111.99 +0.01/+0.01%
UPCOM-INDEX 52.02 +0.21/+0.41%
Vietnamese garment firms expect to navigate Australia
VietnamPlus - 6/5/2018 9:50:44 AM
 (0 ratings. You must sign in to rate.)
Vietnamese garment firms expect to navigate and increase garment exports to Australia once the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) takes effect, said director of the Yen Duong Ltd, Co. Thai Binh Duong. 
 
Under the CPTPP, Australia will reduce import tax to 5 percent in the first three years after the CPTPP enters into force, and waive itfrom the fourth year.
 
Truong Van Cam, Vice President and General Secretary of the Vietnam Textile and Apparel Association, said Australia’s apparel imports have grown stably over the past five years, 3-4 percent annually on average. Moreover, apparel retail prices in Australia aremuch higher the import ones, giving Vietnamese products an advantage. 
 
However, Australia’s garment imports from China have accounted for more than 60 percent in recent years. Apart from China, India is also working to enter the market. 
 
More than half of participating exhibitors in an international exhibition of garment materials held in mid-November in Melbourne were from China and one fourth were from India. In recent years, several Vietnamese enterprises have just joined the event. 
 
According to Cam, Australian businesses often place small orders at first to explore supply capacity and market popularity. If successful, contracts of higher value could be signed at better prices. 
 
Deputy head of the Ministry of Industry and Trade’s Department of Asia-Africa Markets Nguyen Phuc Nam said Australia is an important partner of Vietnam in Asia-Pacific. In 2017, Australia imported apparel worth nearly 9.32 billion USD, nearly 173 million USD of which was from Vietnam, roughly 1.9 percent of the total. 
 
Australian companies are focusing more on Vietnam due to more competitive workforce costs than China’s. 
 
To access the demanding market, Cam stressed the need to study demand, improve product design and workers’ skills, and invest in modern machinery.
 
Australia has a population of nearly 24 million people  with a gross domestic product of nearly 1.39 trillion USD and average income per capita of about 50,000 USD each year, said the ministry.-VNA
 
Read original article here
Newer News
13:34 Forestry exports estimated at 4.15 billion USD
20/06 Made-in-Vietnam tyres present in 128 markets
19/06 Garment-textile sector seeks to optimise opportunities from CPTPP
15/06 Seafood exports to China surge
15/06 TV market heats up for World Cup
12/06 28.49% anti-dumping duties levied on Vietnamese steel sheets
11/06 CPTPP lends momentum to Canadian investment
09/06 Measures sought to facilitate Vietnam’s shrimp export to US
06/06 Rubber exports see robust growth in May
05/06 US to crack down on illegal shrimp imports
Older News
04/06 Demand for organic fertiliser rises
01/06 Aquatic exports rise by 10 percent in five months
30/05 Tra fish export to US increases despite anti-dumping measures
29/05 Steel firms urged to ensure material transparency
25/05 Tra fish exports to China continue to thrive
23/05 Conference highlights CPTPP’s commitments, tips for businesses
22/05 US’ DoC levies import tax on Vietnamese steel
22/05 EVFTA - a push for Vietnam-EU economic relations
16/05 Thousands of scrap containers stored at Cat Lai Port
15/05 Exports of tra fish earns 438 million USD in three months
 
Newsletter Signup
Top Stories
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
Draft decree on State monopoly in trade submitted to Government
CPI ups 0.46% in January
Market Update
Last updated at 3:09:55 PM
VN-INDEX 990.52 +7.35/+0.75%
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...
Portfolio
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.