Vietnam eyes stronger trade ties with Canada through CPTPP

Vietnamese Minister of Industry and Trade Nguyen Hong Dien met with Canadian Minister of International Trade Mary Ng on the sidelines of the CPTPP Commission meeting in Vancouver during the last week of the previous month.

Vietnam’s exports to Canada declined by 7.65 per cent, falling from $1,318.541 million in the first ten months of 2023 to $1,217.683 million during the same period in 2024. This accounted for 4.83 per cent of the country’s total apparel exports of $25.204 billion during the review period this year. The US, Japan, South Korea, and China were larger markets for Vietnamese apparel exports, with a combined share exceeding 70 per cent, according to Fibre2Fashion's market insight tool TexPro.

In 2023, Vietnam exported apparel worth $1,538.209 million to Canada, which accounted for 4.69 per cent of its total apparel exports of $32.783 billion. Canada was the fifth-largest market for Vietnam. In 2021, shipments to Canada were valued at $1,200.318 million, which rose by 45.89 per cent to $1,751.193 million in 2022.

Canada also ranked as the fifth-largest market for Vietnam's home textile exports, but its share was only 2.53 per cent. Vietnamese shipments of home textiles to Canada totalled $52.186 million in the first ten months of the current year, out of a total of $2.062 billion in home textile exports during the same period, according to TexPro.

As a developed economy, Canada is not a significant market for Vietnamese fabric exports. Shipments to Canada were valued at just $7.059 million between January and October 2024, representing only 0.57 per cent of Vietnam's total fabric exports, which amounted to $1,233.062 million during the same period.

ALCHEMPro News Desk (KUL)