DNVN - In addition to President Donald Trump's efforts to deal with tariffs, Canada also has a number of policy moves to improve internal trade. The expected removal of domestic trade barriers will help reduce costs for Vietnamese goods imported into the country...
According to recently released Canadian data, in 2024, Vietnam exported 10.6 billion USD to Canada, an increase of 8.2% over the same period in 2023 and the 10th consecutive month of increase since February 2024. Notably, the export momentum shows signs of continuing to maintain stability in the context of the Canadian dollar's sharp depreciation.
With high export growth, Vietnam is now Canada's 7th largest import partner. According to local data, Vietnam recorded a trade surplus of about 9.9 billion USD with Canada; according to Vietnamese data, Vietnam had a surplus of over 5.5 billion USD with Canada.
Statistics from Vietnam Customs show that Vietnam's exports to Canada in 2024 reached over 6.37 billion USD, an increase of 13.5% over the same period in 2023.
Ms. Tran Thu Quynh - Trade Counselor, Vietnam Trade Office in Canada said: Compared to the import levels in the first months of the year, in the fourth quarter of 2024, Vietnam's export levels to the region increased dramatically (about 570-590 million USD/month, equivalent to an increase of 20% on average). These are also the highest monthly import levels of Canada from Vietnam in the past two years, since September 2022.
"This sudden growth is special because it occurs during the low import period of the Canadian market every year (the peak import period is June-August and the low point is in the fourth and first quarters of each year), showing the possibility that the Canadian market is starting to prepare to stockpile goods, to deal with the possibility that the Trump administration will impose tariffs and the Canadian government may take similar measures.
Vietnam's exports to Canada increased dramatically in the fourth quarter of 2024.
This trend is worth noting in the coming months because it is a sign of the market's sensitivity to future fluctuations in world trade," Ms. Quynh emphasized.
Also according to the Trade Counselor, Vietnam Trade Office in Canada, in addition to efforts to deal with President Donald Trump's tariffs, Canada also has a number of policy moves to improve internal trade and call on Canadians to unite, prioritize choosing products made in Canada, and reject American goods.
Canada's plan to eliminate domestic trade barriers will help reduce costs for Vietnamese goods imported into the country because provinces will now mutually recognize goods imported by one province without having to meet additional requirements from other provinces.
"The Buy Canada campaign can also benefit Vietnam's trade and investment if we do a good job of exploiting aggregated origins and recommend that businesses increase promotion/transparency of information about the origin of input components," Ms. Quynh recommended.
However, Ms. Quynh noted the issue of trade defense applied by Canada to imported goods from Vietnam. In January, the Canada Border Services Agency (CBSA) issued a conclusion on the review of normal value and export price for oil-to-gasoline pipe (OCTG) originating or imported from a number of countries, including Vietnam. Accordingly, a number of Vietnamese enterprises did not provide full information as requested by CBSA, so they were subject to an anti-dumping tax of 37.4%.
Previously, on January 23, CBSA also sent a letter to Vietnam announcing the end of the review of normal value and export price for upholstered chairs originating from China and Vietnam and said that some Vietnamese enterprises did not provide full information as requested by CBSA, so they were subject to an anti-dumping tax of 179.5%.
Canada also said it would send a delegation to Vietnam in February 2025 to work with a number of Vietnamese businesses involved in the case to conclude the review with these businesses. The Canadian International Trade Tribunal continued to issue a decision to impose anti-dumping duties on concrete reinforcing bars originating from the Republic of Bulgaria, the Kingdom of Thailand and the United Arab Emirates because it believed that lifting the order would likely cause damage to Canadian manufacturing.
Concrete reinforcement bars are a product that Vietnam used to export very strongly to the Canadian market in 2021-2022, but now it has suddenly decreased sharply to insignificant value (about 200 thousand USD/year 2024).
Notably, in January 2025, Canada revised its administrative review process for normal value and export value, whereby exporters will still be responsible for adjusting export prices to reflect changes in costs and market conditions. However, the CBSA review process will be independent and will occur more frequently, on an annual basis, rather than every 3-5 years as it does now.
According to Ms. Quynh, Vietnamese enterprises need to increase product promotion and provide transparent information about the origin of input components to increase exports to this market.
Source: https://doanhnghiepvn.vn/kinh-te/canada-thay-doi-chinh-sach-thuong-mai-co-hoi-nao-cho-hang-viet/20250311042323090
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