Bilateral trade between Vietnam and Canada reached a record
After 2 years of implementing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Vietnam, the bilateral merchandise trade between Canada and Vietnam reached a record of USD 8.9 billion in 2020, increased by 12% from the previous year and 37% in the two years when the agreement came into effect, despite the negative impact of the COVID-19 pandemic.
The above information was given at the 2-year review workshop on the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) - Towards a post COVID-19 sustainable future by the Embassy of Canada in Hanoi in coordination with Vietnam Chamber of Commerce and Industry (VCCI) held on March 23.
Ms. Deborah Paul, Canadian Ambassador to Vietnam, commented that the CPTPP Agreement has improved accessibility for trade and services between Canada and Vietnam, strengthened the set of general rules, reduced costs to trade and make investments more predictable. This helps to improve the competitive advantage of products in the two markets, Canada and Vietnam.
The CPTPP Agreement establishes duty-free access to trade in goods between Canada and Vietnam, and at the same time, makes high-quality Canadian products more affordable to consumers in Vietnam.
Canada's top agricultural and agricultural products to Vietnam include: Cereals, oilseeds, fish and crustaceans, fruit, beef, pork and dairy products. In the opposite direction, the main products from Vietnam to Canada include: textiles, footwear, electronic products and components, seafood, furniture.
In 2020, because of the negative impact from the pandemic, the rate of trade growth between the two sides has slowed down but still nearly doubled the average export growth of Vietnam. The rate of taking advantage of CPTPP tariff incentives for exported goods that Vietnam recorded with Canada is still modest but still superior to the rest of CPTPP partners.
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