Vietnamese firms are hopeful of raising garment exports to Australia once the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) takes effect, says Thai Binh Duong, director of Vietnam’s Yen Duong Ltd, Co. Australia will reduce import tax to 5 per cent in the first three years under the CPTPP and waive it from the fourth year.Australia’s apparel imports have grown stably over the past five years and as apparel retail prices in Australia are much higher the imported ones, Vietnamese products have an advantage, a Vientnamese news agency report quoted Vietnam Textile and Garment Association (VITAS) vice president and general secretary Truong Van Cam as saying.
In 2017, Australia imported apparel worth nearly $9.32 billion, nearly $173 million of which was from Vietnam. Australian firms are reportedly focusing more on Vietnam due to more competitive workforce costs compared to those of China.
Source: The Hindu, India Tuesday, 12 June 2018