At the event (Photo: VNA) Ngo Chung Khanh, Deputy Director of the Multilateral Trade PolicyDepartment under the Ministry of Industry and Trade (MoIT), said Vietnam has enjoyed stablegrowth in its exports to Canada and Mexico since the CPTPP agreement took effect in January 2019, even during theCOVID-19 pandemic or amidst geopolitical fluctuations in the world.
Additionally, Vietnam’s trade surplus with the two markets usually accounts forone-third to half of the combined trade surplus with countries, Khanh stressed.
Khanh pointed out ample room to promote exports to Canada,Mexico and Peru, but noting that the image of Vietnamese brands in thesemarkets still remains modest.
Accordingto Trade Counselor Tran Thu Quynh from the Vietnam Trade Office in Canada, theNorth American country is now one of Vietnam's 10 most important tradingpartners globally.
According to data from the Canadian government, includingtransshipment through the US, Vietnam's exports to Canada in 2022 increased by26.4% in trade value compared to 2021.
Notably, five years after the implementation of the CPTPP,Vietnam's exports to Canada rose to 9.9 billion USD in 2022 from 4.1billion USD in 2018.
The data from Vietnam Customs indicates that Vietnam's exportvalue to Canada increased by a remarkable 110% over five years, meaning that Canadais one of the billion-USD markets with the highest export growth among theCPTPP member countries.
Quynh said CPTPP serves as a lever to encourage businesses fromboth countries to pay more attention to each other's product structures andmarkets. It also helps promote the further development of supply chains, and transportationand logistics services between Vietnam and Canada.
However, the utilisation of preferential tariffs underthe CPTPP still remains low. Up to over 60% of Vietnam's exports to the country are products from foreign-investedfirms with their own brands, while Vietnamese businesses primarily export rawmaterials or processed products.
Quynh advised domestic exporters to promote connection in production,investment and development of technology and brand with Canadian partners, towardseffectively exploiting the CPTPP agreement.
According to Quynh, apart from supporting businesses in tradepromotion activities, participating in trade fairs and exhibitions, and seekingorders, the Vietnam Trade Office in Canada always pays heed to raising awareness of how to utilise the CPTPP in Canada, and benefits and opportunitiesprovided by the trade agreement.
It also collaborated with Canadian ministries and sectors to holdseminars, thus helping local firms understand more about opportunities topartner with Vietnamese companies, she added./.
VNA
