Business

Vietnamese Canadian firm benefits from CPTPP

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to which both Vietnam and Canada are members, has brought about many benefits to businesses of both sides.
Vietnamese Canadian firm benefits from CPTPP ảnh 1Products of Canadian Vita (Photo: canadianvita.com)
Ottawa (VNA) – The Comprehensive and ProgressiveAgreement for Trans-Pacific Partnership (CPTPP), to which both Vietnam andCanada are members, has brought about many benefits to businesses of bothsides.

Canadian Vita, a ginseng processing firm founded in 2017 by TranHieu, a Vietnamese Canadian, is an example of enterprises enjoyingopportunities from the deal.

Hieu said that since the CPTPP took effect five yearsago, his company has thrived thanks to tax exemption policy between the twocountries, enabling his firm to promote ginseng exports to Vietnam.

Currently, Canadian Vita is running a 20-hectare farmwith an output of 150 tonnes of dried ginseng each year, earning about 9million USD, 60% of which is from the Vietnamese market.

Vietnamese Canadian firm benefits from CPTPP ảnh 2The opening of Canadian Vita's shop in Ho Chi Minh City (Photo: VNA)
Canadian Vita is not the only firm benefiting from the pact which comprising 11 members from three continents of Asia, America and Oceania.

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

Currently, many Vietnamese companies are showing interest in importingmaterials from Canada, including ginseng for medicine, cosmetic andsupplementary food production.

Canada is one of the four leading ginseng production hubs in the world. TheCPTPP has helped Canadian ginseng become more popular thanks to a wider market.

Hieu said that his company is confident in its developmentstrategy basing on its strengths and good market development.

Currently, Canadian Vita is running more than 200 retailshops across the world, including two in Vietnam. It plans to open one ineach Vietnamese localities, and continue to expand its network to other CPTPPmembers to optimise benefits from the pact./.
VNA
#Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) #Canada #Canadian Vita #Vietnam #Vietnam news #Vietnam News Agency
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