Vietnam - Canada's top trading partner in ASEAN

Towards the 50th anniversary of the establishment of diplomatic relations between Canada and Vietnam in 2023, many commercial activities of Canadian businesses are being launched and promoted in the Vietnamese market.
Vietnam - Canada's top trading partner in ASEAN ảnh 1 The Consulate General of Canada in Ho Chi Minh City opens the Canadian National Pavilion at the FHV 2022. (Photo: SGGP)
From December 8 to 16, the Minister of Trade and Export Development - the Government of Saskatchewan Province (Canada) - has a working trip to Vietnam to seek opportunities to develop trade and bilateral economic partnerships with Vietnam. The delegation has focused on introducing agricultural products and products derived from potassium minerals of Saskatchewan Province. Saskatchewan is currently Vietnam's largest supplier of dry beans, accounting for 47 percent of total imports.

Saskatchewan opened a trade and investment office in Vietnam in February this year, helping to boost export growth. Export data from Saskatchewan to Vietnam has shown impressive growth of up to 50 percent, with a total value of US$91.7 million. The major contribution to the growth came from the increase in exports of potassium products, wood pulp, canola oil, lentils, and weighing machines.

Previously, the Consulate General of Canada in Ho Chi Minh City opened the Canadian National Pavilion at the 11th International Food & Drink, Hotel, Restaurant, Bakery & Food Service Equipment, Supplies & Services Exhibition, or Food & Hotel Vietnam 2022 (FHV 2022) which took place in HCMC from December 7 to 9, 2022. The booth gathered more than 20 companies and associations from Canada. Canadian products on display included beef, fish, seafood, snacks, maple syrup, dairy products, legumes and nuts, alcoholic beverages, and other products.

Vietnam is one of the most important markets in Canada's export diversification strategy. Since 2015, Vietnam has been Canada's top trading partner among ASEAN countries with agricultural and fishery products. In 2021, two-way trade was significantly improved compared to 2020 by more than 10.5 billion Canadian dollars. Despite the economic downturn caused by the global pandemic, Canada's agricultural and fishery exports to Vietnam exceeded 370 million Canadian dollars. Vietnam was Canada's third largest agricultural and seafood export importer in the ASEAN in 2021.

Canada has the world's leading agricultural and food industries. In 2020, Canada was the 5th largest exporter of agricultural, food, and seafood products in the world, with $74 billion to more than 200 countries.

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