Hanoi – Solutions to promote the development of Vietnamese brands
in member countries of the Comprehensive and
Progressive Agreement for Trans-Pacific Partnership (CPTPP) agreement were discussed at a seminar hosted by the Cong Thuong (Industry and Trade) magazine in Hanoi on September
Ngo Chung Khanh, Deputy Director of the Multilateral Trade Policy
Department under the Ministry of Industry and Trade (MoIT), said Vietnam has enjoyed stable
growth in its exports to Canada and Mexico since the CPTPP agreement took effect in January 2019, even during the
COVID-19 pandemic or amidst geopolitical fluctuations in the world.
Additionally, Vietnam’s trade surplus with the two markets usually accounts for
one-third to half of the combined trade surplus with countries, Khanh stressed.
Khanh pointed out ample room to promote exports to Canada,
Mexico and Peru, but noting that the image of Vietnamese brands in these
markets still remains modest.
to Trade Counselor Tran Thu Quynh from the Vietnam Trade Office in Canada, the
North American country is now one of Vietnam’s 10 most important trading
According to data from the Canadian government, including
transshipment through the US, Vietnam’s exports to Canada in 2022 increased by
26.4% in trade value compared to 2021.
Notably, five years after the implementation of the CPTPP,
Vietnam’s exports to Canada rose to 9.9 billion USD in 2022 from 4.1
billion USD in 2018.
The data from Vietnam Customs indicates that Vietnam’s export
value to Canada increased by a remarkable 110% over five years, meaning that Canada
is one of the billion-USD markets with the highest export growth among the
CPTPP member countries.
Quynh said CPTPP serves as a lever to encourage businesses from
both countries to pay more attention to each other’s product structures and
markets. It also helps promote the further development of supply chains, and transportation
and logistics services between Vietnam and Canada.
However, the utilisation of preferential tariffs under
the CPTPP still remains low. Up to over 60% of Vietnam’s exports to the country are products from foreign-invested
firms with their own brands, while Vietnamese businesses primarily export raw
materials or processed products.
Quynh advised domestic exporters to promote connection in production,
investment and development of technology and brand with Canadian partners, towards
effectively exploiting the CPTPP agreement.
According to Quynh, apart from supporting businesses in trade
promotion activities, participating in trade fairs and exhibitions, and seeking
orders, the Vietnam Trade Office in Canada always pays heed to raising awareness of how to utilise the CPTPP in Canada, and benefits and opportunities
provided by the trade agreement.
It also collaborated with Canadian ministries and sectors to hold
seminars, thus helping local firms understand more about opportunities to
partner with Vietnamese companies, she added./.