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Vietnam remains Canada’s top trade partner in ASEAN PDF Print
Wednesday, 21 December 2016 10:53

VIETRADE – Vietnam retained its position as Canada’s top ASEAN trade partner over past nine months of this year, the latest report from Canada’s National Statistics Agency revealed.

 

According to the data, two-way trade revenue between Vietnam and Canada topped more than US$3 billion in the reviewed period, the highest out of 10 ASEAN countries and far surpassing the second place Thailand with about US$2.3 billion.

 

In nine-month period, Vietnam exported over US$2.7 billion worth of goods to Canada, up 15% against the same period last year, while its imports from the market totaled US$350 million, down 27% year-on-year.

 

According to Hoang Anh Dung, Vietnam’s Commercial Counsellor in Canada, Vietnam’s export growth to Canada was remarkable in the context of decreasing exports of other ASEAN countries to the North American country.

 

From January to September, Vietnam was the fifth largest Asian exporter to Canada after mainland China, Japan, the Republic of Korea and Taiwan, up one place from the same period last year. 

 

Vietnam’s major export items to Canada included machinery, electronics and electric devices with an revenue of US$904 million, up 34%; footwear (US$305 million, up 18%), textile and garment (US$252 million, down 3.2%) as well as furniture and accessories (US$189 million, down 3%).

 

Meanwhile, Canada’s main exports to Vietnam were seafood, earning a revenue of US$54 million, down 10%; soy beans (US$38 million, down 6%), fertilizer (US$33 million, down 30% per cent) beside to machinery and accessories (US$27 million, down 1%), fur (US$20 million, down 30%).

 

Canada is considered as a promising export market for Vietnamese goods due to its significant import volume and diversification of trade partners, trade experts have said.

 

The North American country’s total trade value in the first three quarters hit US$590 billion, of which export value stood at US$287 billion while import value was US$303 billion.

 

In order to increase trade with Canada, trade experts advised Vietnamese companies to identify other exportable products and services with potential in Canada while seeking to maintain their competitive advantage. The companies should also make greater efforts to explore the full potential of the seafood and electronics products segments.

 

Experts also emphasized the important of frequent exchanges of government and business delegations and trade information as move to facilitate bilateral co-operation.

 

Top priority should be also given to building up consumer trust – an important factor for Vietnamese companies to enter this highly competitive market. A website that was user-friendly and rich in content should be built, to create links between trade partners, they said./.



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