(13th Congress) - The Embassy of Canada in Hanoi, in association with Vietnam Chamber of Commerce and Industry, has held a conference to review Vietnam-Canada trade ties two years after CPTPP has come into force.
Overview of the conference. (Photo: hanoimoi.com.vn)
The conference aims to strengthen bilateral business relationships and encourage businesses of the two countries to diversify trade links and consolidate supply chains to help revive the economy in the post COVID-19 period.
In his speech at the event, Canadian Ambassador to Vietnam Deborah Paul said that CPTPP has improved the accessibility of trade and service activities between the two nations, consolidated a common set of rules, reduced costs for trade activities, and helped improve the competitive edge of Vietnamese and Canadian products in both markets.
After 2 years of implementing the CPTPP in Vietnam, Vietnam – Canada bilateral trade in goods totaled 8.9 billion USD in 2020, up 12% year-on-year and 37% from two years ago, despite critical impacts from the COVID-19 pandemic.
Vietnam’s shipments to the American country rose nearly 16% in 2020, with a considerable increase seen in exports of mobile phones, footwear, furniture and garment.
Vietnam and Canada will reap further benefits as more countries participate in the trade pact.
President of VCCI Vu Tien Loc said that the trade ties between the two countries are considered among the most successful models brought about by CPTPP, thanks to sustained efforts made by businesses of both countries in setting up market development rules.
The two nations have seen remarkable achievements in their import-export activities, and the trade pact plays an important role, he stressed.
At the conference, experts from Canada and Vietnam highlighted the opportunities and benefits of the CPTPP, and discussed ways to further strengthen the bilateral trade relationship between Canada and Vietnam./.
BTA