Vietnamese Canadian ginseng processing firm benefits from CPTPP

Canadian Vita, a ginseng processing firm founded in 2017 by Vietnamese Canadian Tran Hieu, is an example of enterprises enjoying opportunities from the pact.

Hieu said that since the CPTPP came into effect five years ago, his company has thrived thanks to the implementation of tax exemption policy between the two countries, thereby enabling his firm to promote ginseng exports to Vietnam.

Canadian Vita is currently running a 20-hectare farm with an output of 150 tonnes of dried ginseng each year, earning approximately US$9 million, 60% of which is from the Vietnamese market.

Canadian Vita is not the only firm benefiting from the pact which comprises of 11 members from three continents of Asia, America, and Oceania.

Tran Thu Quynh, Vietnamese Trade Counsellor in Canada, stated that Canadian Vita’s success is evidence of the effective efforts made by Vietnamese and Canadian trade representative agencies on the basis of making full use of the CPTPP.

Currently, many Vietnamese companies are showing a keen interest in importing materials from Canada, including ginseng for medicine, cosmetic, and supplementary food production.

Canada makes up one of the four leading ginseng production hubs in the world. The CPTPP has helped Canadian ginseng to become more popular thanks to a wider market.

Hieu said that his company is confident in its development strategy, which is based on its strengths and strong market development.

Currently, Canadian Vita is managing more than 200 retail shops worldwide, including two based in Vietnam. It is destined to open one in each Vietnamese localities, whilst continuing to expand its network to other CPTPP members in a bid to optimise benefits from the deal.