Illustrative image (Source: VNA)
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to boost economic and trade cooperation between Vietnam and Canada once it takes effect, according to insiders.
Canada’s tax reduction roadmap from the current 17-18 percent down to zero percent within three years will create great opportunities for Vietnamese businesses, especially garment, footwear, and timber product exporters, they said.
Two-way trade reached 3.87 billion USD in 2018, a year-on-year rise of 10.6 percent. Vietnam exported 3.01 billion USD worth of goods to Canada, up 10.9 percent against the previous year, according to Deputy Minister of Industry and Trade Do Thang Hai.
Canada is now the third biggest trade partner of Vietnam in the Americas, following the US and Brazil. Meanwhile, Vietnam is Canada’s biggest trade partner in the Association of Southeast Asian Nations (ASEAN).
Vietnam’s main exports to Canada include garment-textile, footwear, seafood, cashew nut, and iron and steel products.
The Asian country mainly imports wheat, soybean, machinery, equipment, spare parts, fertilisers, garment-textile material, footwear, wood and timber products from the market.
The supplementary structure of goods between Vietnam and Canada is a favourable factor for the two countries to cooperate in trade, market watchers stressed./.