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Vietnam didn't see growth in exports to all CPTPP nations

03
Feb '20
Pic: Shutterstock
Pic: Shutterstock
Vietnam has been unable to see growth in exports to all member nations of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to the country’s ministry of industry and trade. In 2019, export value surged by 28.2 per cent year on year to $3.86 billion to Canada and by 26.8 per cent to $2.84 billion to Mexico.

It rose by 20.5 per cent to $1 billion to Chile and by 40 per cent to $350 million to Peru.

The country witnessed a slight increase of 1.1 per cent in its export value to Singapore and faced export value reduction to some other CPTPP countries like Australia (down 12 per cent to $3.5 billion) and Malaysia (down 3 per cent to $3.3 billion)m according to a report in a Vietnamese newspaper.

Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said the first impact of the CPTPP for Vietnam was to accelerate reform in institutions, meeting requirements of the global economy and trade.

However, in a VCCI survey of 8,600 local enterprises, up to 70 per cent of those had little knowledge of CPTPP. This survey has also pointed out that 84 per cent of the enterprises lacked information regarding the commitments in the free trade agreement.

Meanwhile, textile, footwear, fisheries and wooden products were considered commodities that would have a lot of opportunities to boost exports thanks to tariff rules in the agreement, but it has not turned out that way.

Le Tien Truong, general director of the Vietnam National Textile and Garment Group (Vinatex), said the textile and garment industry has not taken full advantages from the CPTPP to increase exports because of issues meeting rules of origin in the agreement.

This agreement requires certification on local origin from yarn onward to enjoy preferential tariffs, while the domestic textile and garment industry annually imports about 99 per cent of cotton and 80 per cent of fabric for its production, he said.

According to the Import-Export Department, in 2019, the textile and garment industry spent $13.3 billion on fabric imports, up 4 per cent year on year, $2.4 billion on yarn imports and $2.6 billion on cotton imports.

The industry achieved a total export value of $39 billion in 2019, lower than expected.

Vu Duc Giang, chairman of the Vietnam Textile and Apparel Association (VITAS) admitted importing input materials has made local producers struggle to take advantage of free trade agreements like CPTPP.

Fibre2Fashion News Desk (DS)


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