Source: Socialist Republic of Vietnam
In 2019, Vietnam was Canada’s fifth largest trading partner in Asia, having imported about US$ 25 million worth of Canadian timber. Vietnam is also the fourth largest furniture supplier to Canada.
Speaking at the seminar, Ambassador Pham Cao Phong emphasised three main factors that help in making Vietnam an attractive investment destination. Firstly, Vietnam possesses a strategic location in the heart of Southeast Asia. Secondly, Vietnam is constantly strengthening its legal and institutional framework. And thirdly, Vietnam is a promising consumer market with more than 96 million people, half of which are under 35 years old, and the middle class is constantly growing.
Meanwhile, Canada may be the gateway for Vietnamese products to enter other markets of the Americas. Thanks to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnamese furniture enjoys a 0% import tax while similar products from other countries in Asia are subject to 6 % – 9% when entering the Canadian market.
Ambassador Pham Cao Phong said that the COVID-19 pandemic will promote an effective economic transition. Vietnam considers this a challenging time, but also a great opportunity for trade cooperation and developing bilateral and global economic. According to the Ambassador, this is an opportunity to do better, be more creative and strengthen cooperation, towards the common goal of sustainable growth for Vietnam and Canada in the spirit of the comprehensive partnership established three years ago.
According to Walter Blocker, who has more than 25 years of experience in the furniture market in Vietnam, Vietnam has affirmed its position as a prominent country in ASEAN with a stable government – a very competitive address for business. He also praised the sense of responsibility of Vietnamese workers.
This conference not only provides updates on the business environment and opportunities for Canadian timber businesses in Vietnam, but also an opportunity for Canadian companies and Vietnamese suppliers to connect directly and explore the market.