Home / Economy / Trade - Service
Trade outlook between Vietnam, Canada remains bright
Ngoc Thuy 14:22, 2021/01/22
Despite unprecedented challenges from the Covid-19 pandemic, bilateral trade turnover in 2020 rose by 6.6% year-on-year to US$5.1 billion.

The export between Vietnam and Canada will not face direct competition in their respective markets but enjoy favorable conditions, making the bilateral trade outlook bright in the future.

 Vice Minister of Industry and Trade Do Thang Hai at the online conference. 

Vice Minister of Industry and Trade Do Thang Hai made the statement at an online conference discussing the Vietnam – Canada economic relations on January 21.

“With the signing of major free trade agreements (FTAs) recently, including the CPTPP, EVFTA and RCEP, Vietnam hopes to become a bridge to further economic cooperation in the region and of the world,” stated Mr. Hai.

This is also applied for the Vietnam – Canada economic relations, added Mr. Hai, referring to the comprehensive partnership and the fact that for the first time the two countries have a FTA in place by being members in the CPTPP, he noted.

Canada is currently Vietnam’s second largest trade partner in the Americas, while Vietnam is Canada's largest trading partner in ASEAN. However, two-way trade turnover stays modest at around 0.7% of Canada’s trade revenue, Mr. Thang suggested.

Canada’s Deputy Minister of International Trade for Global Affairs John F.G Hannaford highlighted Vietnam’s efforts in containing the Covid-19 pandemic, while maintaining the trade flow and supply chains between Canada and the Southeast Asian region.

Mr. Hannaford shared the view of his Vietnamese counterpart that the two countries should continue to boost trade and investment cooperation on the back of a solid bilateral relations and untapped potential between the two.

According to Mr. Hannaford, despite the severe impacts of Covid-19 on global trade, there have been significant improvements in trade and investment between Vietnam and Canada two years since the signing of the CPTPP.

Canadian enterprises see huge investment opportunities in agriculture, education, information, infrastructure, technology, aviation and green energy in Vietnam, noted Mr. Hannaford, while encouraging more investment from Vietnamese firms to the country.

In 2019, one year since the CPTPP became effective, trade turnover between Vietnam and Canada rose by 23.3% year-on-year to US$4.8 billion. One year later, the figure further expanded by 6.6% to US$5.1 billion amid unprecedented challenges from the Covid-19 pandemic.

Textile, footwear, electronic products, seafood, and wood are Vietnam’s key export staples to Canada. In return, Vietnam mainly imports machinery, chemicals and soybeans from the North American country.

As of November 2020, Canada was Vietnam’s 14th largest investor with 212 projects worth US$5.05 billion, mainly in fields of hospitality, insurance, and renewable energy.

RELATED NEWS
TAG: Vietnam trade outlook Canada covid-19 pandemic nCoV CPTPP RCEP EVFTA trade relations bilateral comprehensive partnership
Other news
10:53, 2021/53/06
Local investors open third highest number of securities accounts in February
The February figure remained a significant one as this was the shortest month in a year, not to mention that the week-long Tet holiday fell on February.
08:25, 2021/25/06
Vietnam GDP growth projected to strengthen to 6.5% in 2021: IMF
The upward trend in economic growth would continue to 2022 as the country’s economic growth may reach 7.2%.
22:45, 2021/45/04
Securities association expresses concern over prospect of 1,000 shares minimum trading lot
A 1,000 minimum trading lot will limit the participation of small investors, while the stock market is moving towards fairness and equality.
18:30, 2021/30/03
Big C retail brand in Vietnam renamed into GO! and Tops Market
The move ended a retail brand name that has been familiar with local customers for the past 22 years.
18:02, 2021/02/03
ASEAN economic ministers endorse 10 priority economic deliverables
Vietnam is committed to closely cooperating with other ASEAN members in realizing the common goal of an ASEAN Economic Community.
17:30, 2021/30/02
Vietnam to realize 6.5% growth target: PM
It is vital for Vietnam to further boost the development of private sector and public investment funds, in turn contributing to economic growth and creating the foundation for long-term development.