Canadian ginseng products. (Source: VNA) Hanoi (VNS/VNA) — Canadian ginseng was officially introduced to Vietnamese consumers for the very first time at an event in Hanoi on November 7.
The product has been traded since the early 1700s. Canadian ginseng is the largest field grown horticultural export crop in Ontario with over 5 million pounds harvested every year.
Numerous varieties of Canadian ginseng products are now available in the Vietnamese market including dried ginseng root, ginseng powder, ginseng capsules, ginseng chocolate, ginseng candy, ginseng tea, and ginseng coffee.
Canadian ginseng exports to Vietnam showed a marked increase growing from 25,000 CAD in 2018 to 2.8 million CAD last year.
Under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), dried Canadian ginseng root is currently enjoying tariff-free status while tariffs on other value-added ginseng products will be eliminated by 2022.
“We are proud to introduce Canadian ginseng, which is known for its superior quality, potency, taste and aroma. Thanks to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, tariffs on Canadian value-added ginseng products will be eliminated by 2022 and I hope more Vietnamese consumers will have a great experience with Canadian ginseng,” said Janine Fiddler, senior trade commissioner and counsellor at the Embassy of Canada to Vietnam.
The bilateral merchandise trade between the two countries reached a new record of 7.9 billion CAD last year. Canada’s exports of agri-food to Vietnam topped 396.9 million CAD, while Vietnam’s exports of agri-food to Canada were worth 578.5 million CAD.
Vietnam was the second-largest destination for Canada’s agri-food and seafood exports within ASEAN last year.
Top Canadian agriculture and agri-food exports to Vietnam include grains, oilseeds, fish and crustaceans, fruits, beef and pork, and dairy products.
The CPTPP establishes duty-free access for trade in goods between Canada and Vietnam and makes high-quality Canadian products more affordable to Vietnamese consumers.
Canada and ASEAN are considering the possible launch of free trade agreement (FTA) negotiations. An ASEAN-Canada FTA would further promote bilateral trade between Canada and Vietnam and help both countries with COVID-19 recovery efforts./.
