CPTPP likely to increase garment exports to Australia.
2018-05-16 09:40:56 / VTG - Vietnam Int'l Textile & Garment Industry Exhibition
HÀ NỘI — Việt Nam’s turnover from textiles and garment exports to Australia is predicted to reach a double-digit growth after the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
This was said at a workshop in Hà Nội 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 Nguyễn Phúc 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, although the market share of Vietnamese products in Australia remains small.
Trương Văn Cẩm, vice chairman and secretary general of VITAS, said the current growth of textiles and garment exports to Australia was just below 10 per cent, but with the signing of CPTPP, the rate was expected to reach a double-digit growth.
Reports presented at the workshop showed that total textiles and garments import turnover of the CPTPP member countries exceeded US$53 billion in 2017, of which Australia was the third-largest import market, with a total turnover of over $6.2 billion, accounting for 11.67 per cent.
Việt Nam earned over $4.8 billion from exporting textiles and garments to other CPTPP member nations in 2017, making up 9.07 per cent of the market share.
As committed in CPTPP, Australia will reduce its import duties to 5 per cent in the first three years after the agreement comes into effect and to zero per cent from the fourth year for almost all products.
Moreover, Australia is gradually shifting to importing and outsourcing of textiles and garment products in Việt Nam because of cheaper labour cost and lower tax rates than in China.
Cẩm said Australia’s textiles and garment import turnover grew by 3 to 5 per cent annually in the past five years. In 2017, the country imported some $9.32 billion worth of textiles and garment products from various countries. Việt Nam’s exports to Australia reached only $173 million, equivalent to just 1.9 per cent of its total textile import turnover.
Việt Nam is facing serious competition from China as the latter’s textiles and garment market share in Australia amounts to 60 per cent.
According to Trần Văn Quyền, a representative of Woolmark Company of Australia in Việt Nam, the purchasing power of Australian consumers is even higher than that in the United States and Europe. However, orders from Australia are usually small because Australian firms operate in the form of online businesses, so they usually order in small quantities to avoid a large inventory.
Large Vietnamese enterprises are not interested in small orders, while small firms do not have a social responsibility certificate to qualify for exports to Australia.
To get better access to the market, Vietnamese businesses should enhance promotion and study more to understand its characteristics, Nam said. — VNS
Source From:VietnamNews
More News
- FREE Registration for ATLife 2024 is available now!! Assistive Technology for Life / 2024-04-03 14:10:57
- Postponement Announcement: The 9th Cambodia International Textile & Garment Industry Exhibition (CTG) CTG / 2024-03-04 14:50:53
- Postponement Announcement: The 9th Cambodia International Machinery Industry Fair (CIMIF) CIMIF / 2024-03-04 14:43:08
- A Whole New Business Platform for Thailand's PCB and Electronics Manufacturing Chain, Intelligent Asia Thailand Thailand PCB and Electronics Manufacturing Exhibition / 2024-02-29 11:18:22
- VTG is ahead, successfully addressing industry bottlenecks in textile transformation VTG - Vietnam Int'l Textile & Garment Industry Exhibition / 2024-01-16 10:15:19
- ANEX 2024: Register and Reserve Your Booth Now! Asia Nonwovens Exhibition And Conference / 2023-12-28 13:38:44
- TNFIA joined the 2023 Taiwan-Thailand Industrial Summit in Bangkok, introducing ANEX2024 to the Southeast Asian market Asia Nonwovens Exhibition And Conference / 2023-12-28 13:38:36
- Heading to the ANFA Conference in Hong Kong Asia Nonwovens Exhibition And Conference / 2023-12-28 13:38:28
- TNFIA President Jian was interviewed by Japan Nonwoven Reports, sharing Taiwan's experience and promoting ANEX2024. Asia Nonwovens Exhibition And Conference / 2023-12-28 13:38:20
- Highlights of the Successful Conclusion of VietnamPlas 2023 Vietnam Plas (HCM) / 2023-12-07 15:59:11
- VietnamWood's Digital Path to Woodworking Excellence VIETNAMWOOD / 2023-11-08 18:19:34
- Apply your visit to Taiwan International Food Industry Show 2023 Taiwan Int'l Food Industry Show / 2023-10-27 11:45:13
- Apply your visit to 2023 Taiwan Wine & Spirits Festival Taipei Int'l Wine & Spirit Festival / 2023-10-27 11:38:49
- Apply your visit to Taiwan International Tea Expo 2023 Taiwan Int'l Tea Expo / 2023-10-27 11:35:03
- Apply your visit to Taiwan International Coffee Show 2023 Taiwan Int'l Coffee Show / 2023-10-27 11:30:06
- Booth registration for ATLife 2024 opens now! Assistive Technology for Life / 2023-10-24 16:07:50
- 【VietnamWood 2023】Profession and Entertainment ALL in ONE VIETNAMWOOD / 2023-09-23 11:02:52
- 【VietnamWood 2023】 Has a successful start VIETNAMWOOD / 2023-09-22 09:58:41
- 【VietnamWood 2023】Highly reputed by exhibitors VIETNAMWOOD / 2023-09-22 09:56:16
- Smart Wood Manufacturing by VietnamWood 2023 at SECC on 9/20-23 VIETNAMWOOD / 2023-09-20 16:00:38