Canada Empowering Vietnamese Businesses to Go Global Through Gateway

14 Feb, 2024

Canada Empowering Vietnamese Businesses to Go Global Through Gateway

Currently, Việt Nam holds a significant position as Canada's largest trading partner within ASEAN, ranking seventh in import partners alongside the US, mainland China, South Korea, Japan, the Netherlands, and Hong Kong. Leveraging its robust technology, financial prowess, expansive customer network, and efficient logistics infrastructure across the Americas, Canada emerges as a promising gateway for Vietnamese enterprises aiming to expand globally.

Simultaneously, Việt Nam's strategic advantages encompass a network of free trade agreements, market access benefits, a skilled labor force, and well-connected transportation infrastructure throughout Asia. Trần Thu Quỳnh, commercial counsellor at the Việt Nam Trade Office in Canada, highlights the potential for Việt Nam to serve as a conduit for Canadian businesses into the ASEAN markets.

Acknowledging Việt Nam as a vital trade partner, Canada underscores the importance of diversifying trade and supply sources while bolstering supply chain sustainability. Both countries exhibit complementary rather than competitive product offerings. Canada specializes in high-tech machinery, energy, telecommunications, biomedicine, and essential inputs for Việt Nam's industries, while Việt Nam exports home appliances, furniture, and garments, leveraging preferential tariffs under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Despite a recent dip in Vietnamese exports to Canada, attributed partly to global economic challenges, bilateral trade remains robust, with Vietnam maintaining a significant trade surplus. Efforts are underway to promote trade, logistics connections, and mutual understanding of trade agreements like CPTPP. Initiatives include facilitating Vietnamese exports, organizing business delegations, and supporting micro and small enterprises in accessing Canadian markets. Through strategic collaborations and focused initiatives, both nations aim to foster sustainable trade relations and economic growth.