VN-Canada trade value sets new record thanks to CPTPP
16:41 | 24/03/2021

VGP – Trade between Viet Nam and Canada grew by 12% to a new record of US$8.9 billion in 2020 after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect.

A seminar on Viet Nam-Canada bilateral trade relations, reviewing two years after the CPTPP implementation–towards a post-Covid-19 sustainable future takes place in Ha Noi, March 23, 2021 - Photo: VGP

The information was released at the seminar on Viet Nam-Canada bilateral trade relations, reviewing two years after the CPTPP implementation–towards a post-Covid-19 sustainable future, which was jointly organized by the Canadian Embassy in Ha Noi and the Viet Nam Chamber of Commerce and Industry (VCCI) on March 23. 

The CPTPP has improved the access ability of trade and service activities between Canada and Viet Nam as well as reduce trade costs to facilitate investment ties, which has helped promote competitiveness of the two nations’ products in each market. 

Viet Nam has been the biggest trade partner of Canada in ASEAN since 2015, Canadian Ambassador to Viet Nam Deborah Paul affirmed. 

In 2019, the bilateral trade value grew 30%, four times higher than the average growth of trade value between Viet Nam and other partners in the CPTPP, said Chairman of VCCI Vu Tien Loc. 

The implementation of the CPTPP has seen Canada abolish 94% of tax lines for Vietnamese exports, while the Southeast Asian country has removed close to 66% of tax lines for imports from the North American country. 

The CPTPP is a free trade agreement joined by Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Viet Nam. 

The CPTPP entered into force on December 30, 2018 with the first six countries having ratified the Agreement, namely Canada, Australia, Japan, Mexico, New Zealand, and Singapore. The Agreement entered into force for Viet Nam on January 14, 2019.

By Thuy Dung 

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