October 02, 2023 | 15:51 (GMT+7)
Trade Office helps Vietnamese firms grasp opportunities in Canadian market
The Vietnam Trade Office in Canada is focusing on helping Vietnamese businesses make the most of CPTPP's principles of origin in the garment and textile sector through connection activities and provision of information about the Canadian market, according to Trade Counselor Tran Thu Quynh at the Vietnamese Embassy in Canada.
    |
 |
|
Workers of Viet Vuong 3 company in Ben Tre province |
She said after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect in December 2018, Canada immediately eliminated 42 tariff lines on Vietnamese textile and garment products, and after five years of implementation, the export value of Vietnamese textile and garment products increased by 100% compared to that in 2018.
At the Apparel and Textile Sourcing Canada 2023, held in Toronto in late August, Vietnam’s Viet Vuong company received attention from the organizers and the Canadian Textile Industry Association, thanks to its efforts to shift to green production.
Nguyen Vinh Bao, Managing Director of Viet Vuong in the Southern region, said that Canada is a new market with a long winter to which the company's products are suitable. Notably, as companies and big brands in Canada are paying great attention to production in green factories, this is a trend that the company has grasped and is prepared to meet the standard requirements of brands, he said.
Executive Director of the Canadian Apparel Federation Bob Kirke said that Vietnam's garment industry has many opportunities because its factories have long invested in implementing environmental measures and using energy efficiently. Therefore, their products have high competitiveness.
|
|
 |
|
Viet Vuong booth at Apparel and Textile Sourcing Canada 2023 |
The Canadian garment and textile market is worth 10 billion USD per year. In 2022, Vietnam surpassed Bangladesh to become the second largest exporter of apparel and textiles to Canada, after China, with a market share of more than 12%.
Data from the Canada Border Services Agency showed that Vietnam's garment and textile export value reached about 1.8 billion USD in 2022, up 41.2% year-on-year.
Source: VNA