Vietnam advised to fully tap CPTPP to boost exports to Canada
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has opened up numerous opportunities for Vietnam and Canada to boost two-way trade, however, tax initiatives under the trade pact have not been tapped to the fullest extent by the Vietnamese exporters, said Vietnamese Trade Counsellor in Canada Tran Thu Quynh.
Hoa Phat steel products meet Canada's quality standards. (Photo: VNA)
HCM City (VNA) – The Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) has opened up numerous opportunities forVietnam and Canada to boost two-way trade, however, tax initiatives under the tradepact have not been tapped to the fullest extent by the Vietnamese exporters, said Vietnamese Trade Counsellorin Canada Tran Thu Quynh.
Attending a seminar in Ho Chi Minh City on March 28, Quynh stressed two-waytrade has increased to 10 billion USD from only 2.5 billion USD in 2013.
Vietnam shipped more than 9 billion USD worth of products to Canada but only 18% of whichused certificates of origin (C/O) under the CPTPP to enjoy preferential tariffswhile more than 90% used C/O most-favoured nation (MFN) tariff and generalpreferential tariff (GPT) which will be invalid in December 2024.
Around 4 billion USD worth Vietnamese exports to Canada did not capitalise on theCPTPP, which means Vietnamese goods are more expansive than their rivals in themarket, Quynh said, stressing enterprises should pay attention to takingadvantage of the trade agreement and working to meet the requirements on the rule oforigin to improve the competitive edge for the Vietnamese products, thusincreasing export revenue in the Northern American market.
Canadian Minister of Export Promotion, International Trade and EconomicDevelopment Mary Ng said since the CPTPP took effect, trade turnover betweenVietnam and Canada surged by 170%, making the bilateral trade cooperation a “brightstar” in the CPTPP bloc.
According to Mary Ng, Vietnam is Canada’s largest trading partner in the Association of Southeast Asian Nations (ASEAN) andCanada wants to expand this successful cooperation model in the region. Vietnamis an important gateway for Canada to develop its relations with other ASEANmember states and the whole Asia.
Deputy Director of the HCM City Customs Department Nguyen Huu Nghiep said thedepartment has worked to facilitate trade for the business community, expressinghis hope that the department and the Canada Border Services Agency will meet anddiscuss measures to remove bottlenecks and create confidence among import-exportenterprises amidst radical changes in international trade./.
The future of the relationship between Canada and Vietnam is promising, especially in the field of trade thanks to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), said Ghislain Robichaud, Regional Director for Quebec and Nunavut under the Global Affairs Canada.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has created a great opportunity for Vietnam to access new markets, but Vietnamese businesses need to double their efforts to seize the opportunity before other CPTPP member countries open up broader integration, said insiders.
Vietnam has recorded tangible changes in agro-forestry-fishery exports thanks to preferential tariffs in trade with member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) after five years the trade pact took effect.
A Vietnam – Canada business forum was held in Hanoi on March 25, aiming to enhance the bilateral economic relations via the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
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Hoa Phat steel products meet Canada's quality standards. (Photo: VNA) 
