According to Tran Thu Quynh, trade counselor and head of the Vietnam Trade Office in Canada, provinces and territories in Canada now recognise each other’s imports, easing trade processes and reducing costs for imported goods. This will make Vietnamese goods imported into Canada more affordable.

Key export items from Vietnam saw impressive growth in 2024. Notably, reactor machinery and equipment grew by 90%, becoming the second-largest export item from Vietnam to Canada. Computer exports also experienced a 35% increase.

Other products recorded positive growth, including textiles (up by 10%), footwear (up by 16%), seafood (up by 22%), and wood products (up by 22%).

Agricultural products also saw notable growth with cashew nuts up by 21%, coffee rising by 16%, and vegetables and fruits experiencing a significant 44% increase.

Additionally, products like confectionery, cereals and pepper saw impressive growth rates of 30%, 16% and 81%, respectively.

In 2024, Vietnam's iron and steel products also recorded an uptick in exports, with common metals rising by 25% and iron and steel products growing by 30%.

This increase can be attributed to Canada's imposition of tariffs on all iron and steel products imported from China, which prompted a shift in sourcing.

Trade figures show an unexpected surge in the fourth quarter of 2024, a typically low import period for the Canadian market, said Quynh, adding that Canada’s peak import season typically spans from June to August.

Vietnam saw a significant surge in the fourth quarter of 2024. Monthly exports to Canada increased by about US$570-590 million, representing an average rise of 20%.

These monthly figures represent the highest levels of exports to Canada from Vietnam in the past two years, since September 2022.

This surge in imports may suggest that Canadian businesses are preparing for potential disruptions in trade, including possible tariff actions from the US government under the Trump administration.

Quynh noted that this trend should be watched closely, as it signals the Canadian market's sensitivity to global trade fluctuations in the near future.

In 2025, Canada will continue to adapt its trade policies to address both domestic concerns and external pressures. One of the key initiatives is the campaign that encourages Canadian people to prioritise domestically made products.

Quynh also highlighted that this initiative could indirectly benefit Vietnam’s trade and investment if its businesses can effectively leverage the origin provision of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

This provision enables businesses to export to other CPTPP markets at a zero-tariff rate, which could create new opportunities for Vietnamese exports.

While the shifting policies of Canada present good opportunities for Vietnamese businesses, there are concerns regarding trade defence measures.

On January 31, 2025, the Canada Border Services Agency (CBSA) concluded a review of oil pipes imported from Vietnam and other countries, imposing an anti-dumping tax of 37.4% on certain Vietnamese businesses that failed to provide the required information.

Additionally, on January 23, 2025, the CBSA announced the end of a review of the normal value and export price for upholstered chairs from Vietnam and China.

Several Vietnam’s companies were subject to a hefty anti-dumping tax of 179.5% for not meeting information requirements.

In 2024, trade between Canada and Vietnam hit a major milestone, with Vietnam’s export goods worth US$10.6 billion to Canada, marking an 8.2% increase compared to the previous year, according to Canada's statistics.

This marks the first time that Vietnamese exports to Canada have surpassed the US$10 billion threshold. Notably, Vietnam recorded a trade surplus of about US$9.9 billion with Canada.

Vietnam remains an essential trade partner for Canada, maintaining its spot as the 7th largest import partner among Canada's top 10 trading nations.

Within the ASEAN region, Vietnam continues to be Canada's primary import partner, accounting for nearly 45% of Canada's total imports from the region.

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