VOV.VN - Vietnamese exports to Canada raked in US$2.04 billion during the opening fourth months of the year, representing an annual rise of 31.77%.
Of the overall total, the export value of apparel, phones and components, as well as seafood, reached US$392.278 million, US$314.862 million, and US$139.5 million, marking respective increases of 57.59%, 22.97%, and 73.56%.
In 2021, despite the impact of COVID-19, the nation shipped goods valued at US$5.3 billion to the Northern American nation, representing an annual rise of 20.8%.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), of which both nations are members, is widely regarded as the leverage behind such growth, with the deal coming into force in late 2018. Vietnam also signed a free trade agreement with Canada, therefore enjoying tariff reduction or elimination. Indeed, since January 1, 2021, Canada has removed a total of 96.3% of tax lines placed on goods originated from the Vietnamese market.
According to details given by the Vietnam Trade Office in Canada, the nation is Canada’s biggest partner in Southeast Asia. However, there remains room for Vietnamese products to enter the Canadian market, particularly as their value now just accounts for 1.7% of Canada’s total imports.
In addition to these advantages, firms approaching this market face various challenges, particularly high transport and preservation costs, as well as strict safety and technical standards.