Canada - "Gateway" for Vietnamese goods to access the North American market

Canada is the second largest trading partner in the Americas.

On November 22, 2023, in Ho Chi Minh City, the workshop "Canada - Gateway for Vietnamese enterprises to access the North American market" took place, organized by the Ho Chi Minh City Investment and Trade Promotion Center (ITPC) in coordination with the Vietnam - Canada Business Association (VCBA).

Mr. Vo Van Hoan - Vice Chairman of Ho Chi Minh City People's Committee

Sharing at the workshop, Mr. Vo Van Hoan - Vice Chairman of Ho Chi Minh City People's Committee - emphasized: In the context of the current volatile world economy , diversifying export markets and opening new markets, with much room, is considered the golden key to boosting Vietnam's exports and making a positive contribution to the country's economic development. In particular, Canada is always a potential market and one of the leading important partners. Canada is also the second largest trading partner, after the US, in the Americas.

According to the General Department of Customs, Vietnam's import-export turnover to the Canadian market in the first 10 months of 2023 reached 5.214 billion USD, down 16.3% over the same period in 2022. This result is still quite modest compared to the potential of the two countries. In Ho Chi Minh City alone, the total import-export turnover between Ho Chi Minh City and Canada in 2022 reached 632,829,000 USD, of which the export turnover reached 470,294,000 USD, up 28% over the same period in 2021.

Vietnam is currently Canada's leading trading partner in ASEAN and Canada's sixth largest trading partner among the 40 Indo- Pacific countries. The Vietnam-Canada Comprehensive Partnership will continue to grow in depth and effectiveness, especially in 2023 when the two countries celebrate the 50th anniversary of diplomatic relations with many important activities.

Delegates attending the workshop

In addition, Vietnam signed with Canada the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which took effect on January 14, 2019, and is currently restarting negotiations on the ASEAN-Canada Free Trade Agreement this year.

According to Mr. Vo Van Hoan, Canada is currently the 14th largest foreign investor out of 140 countries and territories investing in Vietnam. As of July 2023, Canada has directly invested in 253 projects in Vietnam with a total registered capital of 4.84 billion USD. For Ho Chi Minh City, Canada has 131 investment projects in Ho Chi Minh City with a total investment capital of more than 133 million USD, ranking 22nd out of 120 countries and territories investing in Ho Chi Minh City. In the first 10 months of 2023 alone, Canada has 20 projects with a total investment capital of 3.1 million USD.

"Gateway" for Vietnamese businesses to access the North American market

According to Mr. Nguyen Quang Trung - Consul General of Vietnam in Vancouver - Canada, in terms of economic relations, Vietnam has become Canada's largest trading partner in Southeast Asia for 8 consecutive years until 2022. In 2022 alone, the proportion of bilateral trade relations between Vietnam and Canada accounted for more than 1/3 of the trade relations between Canada and all 10 ASEAN countries.

However, bilateral trade relations between Vietnam and Canada still account for a rather modest proportion compared to the overall relations between Canada and the rest of the world, and there is still a lot of room for Vietnamese investors in this market.

Mr. Dan On - President of the Vietnam - Canada Business Association (VCBA) shared about trade relations and consumer trends in Canada at the workshop.

“Vietnam's main export items to Canada include: Mobile phones, computers, textiles, footwear, furniture, seafood, handicrafts, plastic products, rubber... The fields that Canada is interested in Vietnam are: Education, infrastructure, financial investment, clean energy and export of agricultural and seafood products to Vietnam” - informed the Consulate General of Vietnam in Vancouver, Canada.

In addition to updating the latest information on the market and consumer trends in Canada, at the workshop, representatives of the Vietnam - Canada Business Association (VCBA) informed about the establishment of the Vietnam Goods Exhibition Center in Vancouver, Canada and provided instructions on how to register to promote Vietnamese goods in Canada... to create opportunities for Vietnamese businesses to participate more deeply in this market.

Representatives of the Ho Chi Minh City Trade and Investment Promotion Center also informed about policies to support Vietnamese enterprises exporting to the Canadian market. According to Ms. Cao Thi Phi Van - Deputy Director of the Ho Chi Minh City Trade and Investment Promotion Center, in recent years, implementing the direction of the Ho Chi Minh City People's Committee, the Center has coordinated with diplomatic agencies and international organizations, domestic and foreign associations; as well as local provinces and cities to coordinate in organizing many programs and activities to promote trade and investment in potential markets, especially the Canadian market.

Through this program, we believe that businesses of the two countries will find many potential and suitable partners and new business cooperation and import-export opportunities in the two countries' markets.

Ms. Cao Thi Phi Van hopes that Canada will create favorable conditions for Vietnamese enterprises, further open its market for Vietnamese goods, especially agricultural and aquatic products; as well as cultural - sports - tourism cooperation, people-to-people exchange... Thereby, contributing to further promoting the comprehensive strategic partnership between the two countries in general as well as the good cooperative relationship between Canada and Vietnam.

Businesses introduce products to delegates on the sidelines of the conference

Talking to reporters of Industry and Trade Newspaper, Mr. Le Van Duy - Director and founder of Delta D'Asia Food Company Limited - said: Coming to the workshop, our wish is to connect with Canadian businesses and partners to export products to this potential market. Hopefully, after the workshop, businesses will sign contracts and export products to the Canadian market.

Meanwhile, Mr. Nguyen Van Hung - Sales Director of Viet My Joint Stock Company - also said: The company hopes to connect with export units and partners in Canada to export products to this market. Mr. Hung's wish is also the common wish of businesses participating in this activity.

It can be affirmed that the opportunity for Vietnamese enterprises to expand exports to the Canadian market is very large. However, the limitation is that Vietnamese enterprises do not have much information about the market, consumer tastes as well as export incentive policies and trade defense measures of Canada. Therefore, in the coming time, trade promotion agencies will continue to update information and research on the Canadian market, policies, business investment opportunities and economic information. From there, timely information will be provided to Vietnamese enterprises.

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