Vietnamese firms advised to capitalise on exports to Canada
Canada wants to diversify supply sources to avoid disruption in supply chains, and is interested in supply sources in Vietnam amidst complicated developments in the world situation, the Vietnamese Trade Office in Canada said, advising Vietnamese businesses to optimise their advantages to boost their exports to Canada.
Ottawa (VNA) – Canada wants to diversify supply sources to avoid disruption in supply chains, and is interested in supply sources in Vietnam amidst complicated developments in the world situation, according to the Vietnamese Trade Office in Canada.
The trade office advised Vietnamese businesses to optimise their advantages to boost their exports to Canada.
According to the trade office, Vietnameseand Canadian firms have great potential for production connection and cooperationin original equipment manufacturing (OEM) for Canadian brands, which use rawmaterials from and made in Vietnam serving Canada’s export to a third countrymarket.
In particular, as a result of the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP) and the upcoming freetrade agreement (FTA) between Canada and ASEAN, Canadian businesses have begunto pay attention to production cooperation with their Vietnamese peers to takeadvantage of related tax benefits.
Vietnamese enterprises should capitalise on those trends,said the office.
According to official statistics, Vietnam-Canadaexport turnover in the first seven months reached 3.87 billion USD, up 32.2% year-on-year. The figure isexpected to surpass 6 billion USD this year, growing at least 15% compared to2021.
Trade experts said Vietnam is Canada's largest tradingpartner in Southeast Asia, but the room for Vietnamese goods exported to the marketremains extensive because their market share in Canada is still quite modest.
Vo Hong Anh, Deputy Director of the Ministry of Industry andTrade’s European - American Market Department, said since the CPTPP took effectfor Vietnam in January 2019, local goods shipped to member countries, especiallythose in Americas, including Canada, have grown dramatically.
In 2021, Vietnam exported 5.3 billion USD worth of productsto Canada, up 20.8% from 2020 and 75% from the pre-CPTPP period. Vietnam is alsoa leading shrimp supplier of Canada and one of the five largest exporters ofwooden furniture in this market.
Anh recommended Vietnamese companies improve their productquality and apply advanced technology in production toward sustainability./.
Vietnam exported 5.3 billion USD worth of goods to Canada in 2021, up 21 percent year-on-year despite facing challenges caused by the prolonged pandemic, according to the Vietnamese Trade Office in Canada.
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Proccessing catfish for export (Photo: VNA) 
