Seminar on Boosting Bilateral Trade in Exports between Việt Nam and Canada
Seminar on Boosting Bilateral Trade in Exports between Việt Nam and Canada
A seminar to discuss boosting bilateral trade in the export of goods between Việt Nam and Canada was held in District 1, HCM City yesterday.
A seminar to discuss boosting bilateral trade in the export of goods between Việt Nam and Canada was held in District 1, HCM City on August 8. — Photo sggp.org.vn |
The seminar, themed “Seminar on bilateral trade promotion for Vietnamese exporters and with Canadian counterparts”, was co-organised by HCM City Investment and Trade Promotion Centre (ITPC) and ATIM Consulting JSC.
Director of ITPC Trần Phú Lữ, said Việt Nam is a key partner of Canada in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which opens up many opportunities for Canadian products and services to enter the Vietnamese and ASEAN markets.
Otherwise, the country also benefits from this agreement through advantages when exporting to Canada.
Canada is currently Việt Nam's third-largest trading partner in the Americas, while Việt Nam is Canada's largest trading partner in ASEAN.
Despite global economic downturns in 2023, the bilateral trade between the two countries reached US$14 billion.
According to the General Department of Việt Nam Customs, the total trade turnover between Việt Nam and Canada has reached over US$3.41 billion in the first half of 2024, with the country's exports to Canada amounting to US$3 billion.
The key exports to Canada included textiles, machinery, equipment, wood products, seafood, and cashews while Việt Nam mainly imported wheat and soybeans.
Canada is one of the 14th largest investors in Việt Nam, with over 247 projects and total registered capital exceeding $4.82 billion in 2023.
Seven Canadian projects were licensed in HCM City in the first half of 2024, with a total capital of over US$739 thousand.
President of Việt Nam-Canada Hub Solutions, Đào Phương Thúy, said that seafood and wooden furniture have recently been the most effectively traded sectors between Việt Nam and Canada.
This is based on the thriving seafood trade between the two countries, driven by strengthened cooperation. Vietnamese businesses maximise value through brand building, product innovation, and efficient use of local distribution.
The top seafood products exported to Canada include shrimp, pangasius, squid, filets and clams, while Việt Nam imports lobster, snow crab, salmon, mackerel and herring.
Việt Nam also exports a variety of wooden and furniture products to Canada, including upholstered furniture, outdoor furniture, office furniture, and children's furniture.
On the other hand, Việt Nam imports wood powder, paper or cardboard, softwood, hardwood and plywood from Canada.
CEO of The Herbers Agency Zach Herbers, said that Việt Nam is currently Canada's largest trading partner in the Indo-Pacific region and among the top 15 worldwide.
Trade between the two countries is expected to grow annually over the next decade, driven by Việt Nam's strategic location, young population, competitive costs, growing consumer market, and extensive trade agreements.
Moreover, the two countries benefit from the CPTPP by receiving tariff reductions or eliminations on exports across various trade sectors, though this has not been fully utilised.
He also said that to effectively enter the Canadian market, businesses should carefully research customer product needs, competitors, and pricing factors to ensure readiness and create product differentiation.
Additionally, experts at the seminar advised Việt Nam businesses to consider partnering with Canadian companies and e-commerce platforms to increase their presence and save costs.
