Hanoi (VNA) – Vietnam’s exports to Canada reeled in 2.04billion USD in the first fourth months of 2022, up 31.77 percent on-year.
Of the total, the export value of apparel, phones and components, andseafood hit 392.278 million USD, 314.862 million USD, and 139.5million USD, growing 57.59, 22.97, and 73.56 percent annually, respectively.
In 2021, despite COVID-19, Vietnam shipped goods worth 5.3billion USD to Canada, an annual increase of 20.8 percent.
The Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP), of which both nations are members, has beenconsidered the leverage behind such growth. The pact came into force in late2018. Vietnam also signed a free trade agreement with Canada, thereforeenjoying tariff reduction or elimination. Notably, since January 1,2021, Canada removed a total of 96.3 percent of the tax lines for goodsoriginated from Vietnam.
According to the Vietnam Trade Office in Canada, Vietnam isthe biggest partner in Southeast Asia of the North American nation. However,room for Vietnamese products to enter the Canadian market remains large, astheir value now just accounts for 1.7 percent of Canada’s total imports.
In addition to these advantages, the access to this market is facing various challenges, particularly high transport and preservation costs,and strict safety and technical standards./.
Of the total, the export value of apparel, phones and components, andseafood hit 392.278 million USD, 314.862 million USD, and 139.5million USD, growing 57.59, 22.97, and 73.56 percent annually, respectively.
In 2021, despite COVID-19, Vietnam shipped goods worth 5.3billion USD to Canada, an annual increase of 20.8 percent.
The Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP), of which both nations are members, has beenconsidered the leverage behind such growth. The pact came into force in late2018. Vietnam also signed a free trade agreement with Canada, thereforeenjoying tariff reduction or elimination. Notably, since January 1,2021, Canada removed a total of 96.3 percent of the tax lines for goodsoriginated from Vietnam.
According to the Vietnam Trade Office in Canada, Vietnam isthe biggest partner in Southeast Asia of the North American nation. However,room for Vietnamese products to enter the Canadian market remains large, astheir value now just accounts for 1.7 percent of Canada’s total imports.
In addition to these advantages, the access to this market is facing various challenges, particularly high transport and preservation costs,and strict safety and technical standards./.
VNA
