Vietnam garment and textile exports, which reached $19 billion in the first half of the year, are expected to top $40 billion this year. The country mainly makes products for medium and high-end market segments. The CPTPP has had a positive impact on the country’s garment and textile exports. Previously countries such as New Zealand, Australia and Canada rarely imported Vietnamese garment and textile products. But this year, with the CPTPP coming into effect, these markets have begun to import its garments and textiles in rather large quantities.

The country also benefited from reduction of yarn exports to China as it shifted to other lucrative markets such as Japan, South Korea, the Middle East, and Taiwan which enabled it achieve its yarn export target.