According to the Vietnam Trade Office in Canada, by the end of July 2023, Vietnam exported 5.47 billion USD to Canada, a slight increase of 3.1% over the same period in 2022.
"Vietnam's slight export growth compared to 2022 is a quite positive sign in the context of Canada's continuous decline in import demand (down 2% compared to the same period in 2022)" , the Trade Office assessed and said that in the ASEAN bloc, Vietnam's export growth rate to Canada in the first 6 months of 2023 is still higher than all countries in the region such as: Indonesia, Malaysia or Thailand...
In addition, within the ASEAN bloc, Vietnam continues to be Canada's most important import partner, accounting for 43% of Canada's total imports from the region. Notably, within the ASEAN group, the Philippines is the country with the highest export growth rate to the region, up to nearly 25%. Many of the products that Canada is interested in importing from the Philippines, such as rubber, iron and steel, are all products that directly compete with Vietnam.
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| After 5 years of implementing the CPTPP Agreement, Vietnam has nearly doubled its export of leather, footwear and handbags to Canada. |
However, since the beginning of the year, the top 4 commodity groups accounting for the largest proportion of Vietnam's export turnover to Canada have maintained double-digit growth in turnover: Electronics and mobile phones increased by 22.1%; leather and footwear increased by 16.7%; knitted clothing increased by 16.9%; boiler reactors increased by 29.7%)...
For the leather and footwear industry alone, including transit from the United States, by the end of July 2023, leather and footwear and handbag exports to the Canadian market (HS codes 64, 42) reached 593 million USD, of which HS code 64 continued to grow by 16.7% and HS code 42 increased by 27.3% over the same period in 2022. Canada's total imports during the period for these two groups of products were 2.8 billion USD; that is, Vietnam alone accounted for over 21% of the market share.
Currently, Vietnam is the second most important exporter to Canada for HS code 64, after China; and the third for HS code 42, after China and Indonesia. For HS code 64, Vietnam is the country with the highest export growth rate to the area while Canada has sharply reduced imports from China. For HS code 42, Vietnam is also the country with a very high export growth rate, second only to Indonesia, but far surpassing Canada's 10 most important import partners.
“The items under the support scope of the Association/leather, footwear and handbag industry are currently ranked 3rd in the top 10 most important export items of Vietnam to the region,” the Trade Office emphasized, stating that after 5 years of implementing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam has nearly doubled its exports of leather, footwear and handbags to the Canadian market.
“With the growth rate recorded in the first 7 months of 2023, it is entirely possible to think that footwear will become Vietnam's next billion-dollar export item to Canada,” said the Vietnam Trade Office in Canada.
However, according to the Trade Office, because the Canadian market is relatively small, exporting enterprises need to strictly comply with the regulations of the import market, paying attention to labeling regulations. Canadian importers require that imported products must comply with the Canadian Food Inspection Agency's Food Labeling and Advertising Guidelines, according to the standards specified in the Food Safety Standards Act for Canadians (SFCR). In particular, the following information must be fully stated: Product name, volume, ingredients, product class/type, country/country of manufacture, importer, batch number, PLU code in two languages. Canada is moving towards requiring GTINS (Global Trade Item Number)/PLU code. Imported products must have a certificate of origin for customs declaration. Canada recognizes and encourages businesses with Global GAP, GMP, HACCP certifications...
For the footwear industry, in order to increase market share and export turnover value, the Vietnam Trade Office in Canada decided to participate in the Toronto Textile and Footwear Fair taking place from November 13-15, 2023 and have a booth there to ensure the presence of the Vietnamese textile and footwear industry in Canada. During the Fair, the Trade Office will support free exhibition and connection for the Footwear and Handbag Association and the Association's small and medium enterprises at the Trade Office's booth.
“The Toronto Textile and Footwear Fair will be an opportunity for Vietnamese footwear manufacturing and exporting enterprises to promote and introduce their products, thereby opening up many opportunities for cooperation and trade connections, contributing to increasing market share and export turnover value,” emphasized the Vietnamese Trade Counselor in Canada.
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