Bilateral trade between Vietnam and Canada totaled a record amount of nearly US$9 billion in 2020
Canada is a gateway for Vietnam to access the North American market through the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Nguyen Huu Nghiep, deputy director of the Ho Chi Minh City Department of Customs, told Tuoi Tre (Youth) newspaper on Wednesday.
The CPTPP removes 95 percent of tariffs among its 11 members — Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile, and Malaysia.
Talking to Tuoi Tre on the sidelines of the ‘Dialogue with Ho Chi Minh City Customs’ held by the Consulate General of Canada in Ho Chi Minh City and the municipal customs department on Wednesday, Nghiep said that Canadian businesses have modestly contributed to the export and import turnover of the city due to geographical issues and some other conditions.
However, Canadian companies are highly potential partners of Vietnamese firms, he remarked.
“First, the two countries’ agriculture – tropical agriculture in Vietnam and temperate agriculture in Canada – can complement each other,” Nghiep said.
“Secondly, Canadian businesses are very proactive and have obtained great achievements in science and technology.”
Therefore, Canada “can be considered as a gateway to North America,” the deputy director said.
“Leveraging the potentialities and advantages of Canada can help further develop the economies of Ho Chi Minh City and the whole country.”
Speaking at Wednesday’s dialogue, Canadian Consul General in Ho Chi Minh City Behzad Babakhani said that 2021 has been the third year since the CPTPP took effect.
Since then, bilateral trade between Vietnam and Canada has been highlighted by strong growth, reaching a record level of nearly US$9 billion in 2020.
The majority of the amount came from Vietnam’s exports to Canada while only $700 million was the other way around, according to the Canadian diplomat.
Babakhani expected that two-way trade will increase in the future as Canada looks to create common prosperity with its international trade partners.
