Bilateral trade in goods totaled 8.9 billion USD in 2020, up 12 percent year-on-year and 37 percent from two years ago despite critical impacts from the COVID-19 pandemic.
Vietnam’s shipments to the American country rose by nearly 16 percent in 2020, with a considerable increase seen in exports of mobile phones, footwear, furniture and garment.
Vietnam and Canada will reap further benefits when more countries participate in the trade pact.
According to Canadian Ambassador to Vietnam Deborah Paul, CPTPP has improved the accessibility for trade and service activities between the two nations consolidated a common set of rules, reduced costs for trade activities, and helped better competitive edge of Vietnamese and Canadian products in both markets.
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Canadian Ambassador to Vietnam Deborah Paul speaks at the event. |
Vietnam has been the biggest trade partner of Canada in the Association of Southeast Asian Nations (ASEAN) since 2015. Meanwhile, the nation is the second biggest importer of Canadian agricultural products and seafood such as cereal products, nuts, fish, crustaceans, fruits, beef, pork and dairy products.
CPTPP establishes duty-free access for trade in goods between the two countries, while helping Vietnamese consumers purchase high-quality products from Canada at reasonable prices.
President of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc described Vietnam - Canada trade ties as one of the most successful models brought by CPTPP thanks to sustained efforts made by businesses of both countries in setting up market development rules.
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VCCI President Vu Tien Loc |
The two nations have seen remarkable achievements in their import-export activities, and the trade pact plays an important role, Loc said.
Canada has abolished 94 percent of tax lines for Vietnamese exports, while the Southeast Asian country has removed nearly 66 percent of tax lines for imports from Canada. Additionally, non-tariff barriers have been improved in a transparent manner, facilitating trade flows between the two nations.
Without the COVID-19 pandemic, CPTPP could bring larger benefits to Vietnam - Canada trade, Loc stressed.
“Maybe we have to live with COVID-19 in the near future, at least. We are lucky to have CPTPP, which allows us to bolster trade with the world in this tough time”, he said.
Source: VNA