Vietnam's exports to Americas growing post CPTPP

28 Oct '22

2 min read

Pic: Shutterstock

Vietnam’s exports to the Americas have seen impressive growth three years after the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a recent seminar was told. Its market share in Canada rose from 0.9 per cent in 2017 to 1.2 per cent in 2019—the first year of CPTPP implementation—and 1.6 per cent last year.

Vietnam’s market share in Mexico expanded from 0.9 per cent in 2018 to 1.7 per cent in 2021.

The Southeast Asian country’s export to Canada grew about 75 per cent and more than doubled to Mexico in 2021 compared with the pre-CPTPP period.

The seminar was organised by the Industry and Trade magazine.

According to Nguyen Thi Thu Trang, director of the WTO and Integration Centre at the Vietnam Chamber of Commerce and Industry (VCCI), the figures reflect Vietnam’s successes in utilising tariff incentives under the deal to access North America and increase its market share there, a news agency reported.

Barriers for exporting to the Americas include long distance; more transportation costs; market standards, especially in North America; and language, as most of the Latin American nations use Spanish in transactions, the seminar heard.

Vietnamese government representatives assured assistance for businesses to handle risks regarding trade barriers and remedies.

Fibre2Fashion News Desk (DS)

More Textiles News - Vietnam...