Vietnam’s exports to Canada were up 5.2 per cent in 2018.
Earnings from textile, garment, footwear and wood products posted good growth. Earnings from plastic and rubber products grew 27 per cent, coconut oil 100 per cent and paper products 50 per cent.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to promote bilateral trade between Vietnam and Canada. Aside from the CPTPP, the impact of the US-China trade war has also made many Canadian firms think of moving some of their factories and orders from China to Vietnam, which is also a chance for Vietnam to boost shipments to Canada.
Vietnam expects strong export growth from textiles-garments, footwear, handbags, plastics and wood products in 2019.
For their part, Canadian businesses are interested in Vietnam’s opening of its market for foreign agricultural products such as pork, beef, chicken, aquatic products and fresh fruits.
Vietnam has yet to sign a free trade agreement with Canada, so the CPTPP will help open up chances for it to accelerate textile-garment shipments to the North American market in the coming years.