According to preliminary data of Statistics Canada, Vietnam’s exports to the North American country rebounded in 2018 to 5.35 billion CAD, up 5.2 percent year on year. Its imports from Canada stayed flat at around 1.01 billion CAD.
Vietnam’s major foreign currency earners like textile-garment, footwear and wood products posted good growth. Several new products recorded surges in overseas shipments, including plastic and rubber products (27 percent), coconut oil (100 percent), and paper products (50 percent).
In contrast, the export of mobile phones to Canada continued to fall sharply for the second straight year, dropping by 11 percent from 2017, and was equivalent to only 50 percent of the export value in 2016.
Imports of some big groups of commodities from Canada rose strongly such as coal (up 2.5-fold), wood pulp (up threefold) and leather materials (up 70 percent), while others posted declines, leading to a stagnant import turnover.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to promote bilateral trade. With Canada’s fast tariff reduction roadmap (from 17 – 18 percent to zero percent in three years), some Vietnamese items are forecast to witness strong export growth as from 2019 like textile-garment, footwear, handbags, plastics and wood products.
For their part, Canadian businesses are interested in Vietnam’s opening of its market for foreign agricultural products such as pork, beef, chicken, aquatic products and fresh fruits.
Aside from the CPTPP, impact of the US-China trade war has also made many Canadian firms plan to move some of their factories and orders from China to Vietnam, which is also a chance for the ASEAN nation to boost shipments to Canada.
VNA
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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