Canada’s evolving trade policies present significant opportunities for Vietnamese businesses looking to expand their exports. Recent developments, including the reduction of internal trade barriers within Canada, are set to lower costs and streamline the import process for Vietnamese goods.
Key Highlights:
- Growing Trade Relationship: Vietnam is now Canada’s 7th largest import partner and the leading one within ASEAN. In 2024, Vietnamese exports to Canada surpassed $6.37 billion, marking a substantial 13.5% increase from the previous year.
- Surge in Key Exports: Several sectors have witnessed remarkable growth, including machinery (up 90%), computers (up 35%), textiles (up 10%), footwear (up 16%), and seafood (up 22%). Agricultural products like cashews (up 21%), coffee (up 16%), fruits and vegetables (up 44%), and pepper (up 81%) have also seen significant export increases.
- Steel Sector Boost: Increased Canadian tariffs on Chinese steel have positively impacted Vietnamese steel exports, with a 25% rise in metals and a 30% increase in steel products.
- Leveraging CPTPP: Vietnamese exporters should fully utilize the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to maximize benefits, particularly the cumulative rules of origin.
- Transparency Matters: Emphasizing product promotion and providing clear, transparent information about the origin of goods are crucial for success in the Canadian market.
Challenges to Consider:
While opportunities abound, Vietnamese exporters should be aware of potential challenges. Canada has initiated trade remedy measures on certain Vietnamese imports and is currently revising its process for evaluating the value of goods. Staying informed and adaptable will be key to navigating these evolving trade dynamics.
Source: https://vneconomy.vn/canada-thay-doi-chinh-sach-thuong-mai-co-hoi-cho-viet-nam-day-manh-xuat-khau.htm
