Following the implementation of CPTPP, Vietnam’s textile and garment exports to Canada doubled from US $ 600 million to US $ 1.2 billion in 2024, with export values remaining stable thereafter due to consistent quality and regulatory compliance.
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Vietnam’s share of US apparel imports climbed to 20.6% in the first seven months of 2025 — the highest share ever recorded for a comparable period. In contrast, China’s share has continued to decline, falling to 15%, down from its 2010 peak of 40%.
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In addition to meeting domestic demand, it might also provide materials to Bangladesh, Indonesia, and Cambodia, among other nations in the region.
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The aftershocks of Donald Trump’s tariff warning in April 2025 are now showing up in the numbers – and the apparel trade is feeling it first.
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A recent report by the Organisation for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization (FAO) projects that Bangladesh and Vietnam will play a dominant role in shaping the global cotton trade over the next ten years.
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On 8th July, following the BRICS summit in Brazil, Vietnam announced that Prime Minister Pham Minh Chinh and Chinese Premier Li Qiang reached a consensus to deepen economic and trade cooperation between their nations.
