Canada Trade Agreement With Vietnam

Vietnam has been Canada`s largest trading partner in the ASEAN region since 2015. In 2018, trade between Canada and Vietnam reached $6.46 billion in both directions, up from $6.1 billion in 2017. In 2018, Canada`s merchandise exports to Vietnam totaled about $1 billion. Canadian merchandise imports from Vietnam totaled more than $5.39 billion. Investors targeting sectors that are moving towards Vietnam`s development goals, such as the recent transition to sustainability, are most sustainable long-term investment projects. For example, Prime Minister Nguyen Xuan Phuc has publicly called for Canadian assistance in the field of solar energy for the development of clean technologies, where Canadian investment is relatively low despite the competitiveness of the sector. For more information, see trade and investment agreements. Take your business to the next level. Discover opportunities to grow your footprint in Vietnam with our Trade Commissioner Service (TCS) and learn more about trade relations between the two countries, market facts and other discoveries. Kendal Hembroff, Director General of Trade Policy and Negotiations at Affairs Canada (GAC), made the statement on October 1 at a webinar hosted by the Canada-Vietnam Trade Council. She stressed the closeness of Canada`s trade relationship with Vietnam and said that these relationships were based on good exchanges between citizens. Vietnam is currently Canada`s largest trading partner in the Association of Southeast Asian Nations (ASEAN), with two-way trade reaching CAD 7.98 billion (US$6.01 billion) in 2019.

After a year of implementation of the CPTPP, Vietnamese exports to Canada increased by 29.7 per cent, while the value of Canada`s exports to Vietnam also increased sharply, particularly for meat and cereals, which grew by 230.7 per cent and 61.2 per cent, respectively. Vietnam`s Ambassador to Canada, Pham Cao Phong, pointed out that while global trade flows declined sharply in the first six months of 2020, Vietnamese-Canada trade continued its upward trend, up only 0.1%. Vietnam is now in the top 10 seafood importers from Canada, he said, with its advantage as a “Hub” FTA in the Asia-Pacific region, Vietnam will serve as a bridge to help Canadian products and services access the 660 million-man ASEAN market and other important markets in the region. In return, Canada could be a gateway for Vietnamese products to permeate other markets in America, Phong said. Julie Nguyen, Director of the Canada-Vietnam Trade Council, said economic cooperation will become a hot topic for both countries, particularly as stakeholders consider the possibility of signing a Canada-ASEAN free trade agreement and Vietnam successfully assumes its role as ASEAN President this year. Canada and four ASEAN countries, including Vietnam, Singapore, Malaysia and Brunei, are members of the CPTPP.