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|Illustrative image (Source: VNA)|
According to General Director of the Garment 10 Corporation Than Duc Viet, Canada is a promising market of Vietnam with import turnover of garment and textile products reaching 13.3 billion USD per year.
However, exports of Vietnamese garment and textile to the market is just about 550 million USD per year, he noted, adding that Vietnam and Canada have yet to sign a bilateral free trade agreement, therefore the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will help open up opportunities for Vietnam to increase exports to the market in the future.
Once penetrating the market, Vietnamese garment and textile products will enjoy zero tariffs from the CPTPP, he said.
Viet stressed Canada has high demand for garment and textile products made of natural fabric, which is in line with Vietnam’s products.