CPTPP – a driver of shrimp export to Canada

The CPTPP will create a good chance for Vietnamese shrimp exporters to capitalise on the Canadian market, even though the Southeast Asian nation is already the top shrimp supplier there.
CPTPP – a driver of shrimp export to Canada ảnh 1Workers process shrimps for export at a factory in Ninh Thuan province (Photo: VNA)

Hanoi (VNA) – The CPTPP will create a good chance forVietnamese shrimp exporters to capitalise on the Canadian market, even thoughthe Southeast Asian nation is already the top shrimp supplier there.

Aquatic exports brought home 2.4 billion USD inthe first four months of 2019, equivalent to the figure during the same periodlast year. That included 1.8 billion USD between January and March, and theshrimp sector contributed 617.6 million USD to this sum, down 20 percent yearon year.

Boosting the shipment of shrimp products topotential markets like Canada is critical to help achieve the goal of 4.2billion USD in aquatic exports this year, and making use of preferentialtreatments under the CPTPP (Comprehensive and Progressive Agreement forTrans-Pacific Partnership) is an important measure, according to the Thoi baoKinh te Viet Nam (Vietnam Economic Times).

As of March 15, Vietnam had shipped 23.8 millionUSD worth of shrimp products to Canada, up 7.5 percent from a year earlier. Therevenue has increased in recent years, from 122.5 million USD in 2016 to 161.6million USD last year.

Canada is currently the sixth biggest market forVietnamese shrimp, accounting for almost 5 percent of total shrimpexports. 

Data of the International Trade Centre show thatshrimp imports by the North American country reached 513.3 million USD in 2018,down 5 percent from the previous year. Meanwhile, Vietnam is the biggest shrimpprovider for this market with a market share of 30.3 percent. 

The Canadian government is diversifying marketsto reduce the dependence on imports from the US, and Vietnam is one of thecountries Canadian businesses want to boost trade with.

The Vietnam Association of Seafood Exporters andProducers said the CPTPP, taking effect in Vietnam on January 14, will creategood opportunities for the country’s shrimp exporters to make use of theCanadian market as rivals like India, Thailand and Indonesia are not members ofthis deal.

Echoing this view, the Ministry of Industry andTrade noted Canada is one of the CPTPP members with the highest market-openingcommitments. It will cut tariffs on 95 percent of imports down to zero, andthat covers 78 percent of Vietnam’s total exports to this market.

In addition, Canada is also one of the threeCPTPP members that Vietnam lacks a bilateral trade agreement with. The twosides’ export structures do not compete but are complementary.

Therefore, if businesses can grab opportunities,the CPTPP will open the door for many key products of Vietnam liketextile-garment, footwear, wood and aquatic products, according to theministry.-VNA
VNA

See more

Representatives from industry associations share insights on Vietnam’s market trends. (Photo: VNA)

Vietnam, Thailand boost industrial trade exchange

Trade between Vietnam and Thailand reached 20.18 billion USD in 2024, up 6.4% year-on-year. Thailand remained Vietnam’s top ASEAN trade partner, accounting for 24% of its total trade with the bloc.

Representatives from Lao and Vietnamese agencies at the signing ceremony. (Photo: VNA)

Vietnam, Laos strengthen energy cooperation

A 1,200 MW wind power plant in Nong district, Laos’ Savannakhet province is expected to export 1,526 kWh to Vietnam annually once its first phase completes by the end of 2027, and additionally 1,112 million kWh per year after its second phase becomes operational in 2030./

A view of the Hanoi skyline. While rental properties continue to be in demand, there has also been a notable rise in the number of foreigners looking to buy houses. (Photo: VNA)

Housing demand from foreigners in Hanoi rises

Over several years, Hanoi has increasingly become an attractive destination for foreign workers, with approximately 10,000 new foreign workers are granted licences to work in the city each year.

A high-tech corn, sorghum and grass farm in Nghe An province (Photo: VNA)

Realising circular economy to achieve sustainable development goals

Developing a circular economy has been recognised as one of the priority directions to achieve overarching goals such as waste management, efficient resources utilisation, environmental protection, disaster prevention, and climate change adaptation in the country's next development phase.

National Highway 61C (Photo; baohaugiang.com.vn)

Hau Giang, JICA to upgrade national highway

National Highway 61C linking Can Tho city with Hau Giang province will feature four lanes for motor vehicles and two for non-motorized traffic, with an estimated cost of over 5.17 trillion VND (206.8 million USD).