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CPTPP benefits Vietnam-Canada trade ties

by VTV424 March 2021 Last updated at 13:00 PM

VTV.vn - Vietnam and Canada have enjoyed robust trade ties thanks to opportunities brought by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) that took effect in Vietnam from January 14, 2019.

This information was heard at a conference held in Hanoi on Tuesday. Bilateral trade in goods totaled 8.9 billion USD in 2020, up 12 percent year-on-year and 37 percent from two years ago despite critical impacts from the COVID-19 pandemic.

Vietnam’s shipments to Canada rose by nearly 16 percent in 2020, with a considerable increase seen in exports of mobile phones, footwear, furniture, and garments. Vietnam and Canada will be reaping additional benefits when more countries participate in the trade pact.

The CPTPP is said to have improved accessibility for trade and service activities between the two nations, consolidated a common set of rules, reduced costs for trade activities, and improved the competitive edge of Vietnamese and Canadian products in both markets.

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