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The Vietnam Trade Office in Canada said that by the end of July 2023, Vietnam had 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% over the same period in 2022)", Trade Department evaluated 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...
After 5 years of implementing the CPTPP, Vietnam has nearly doubled its footwear and handbags to Canada
In addition, within ASEAN, Vietnam continues to be Canada's most important import partner, accounting for 43% of Canada's total imports from the region. Notably, among the group of ASEAN countries, the Philippines is the country with the highest export growth rate to the region, nearly 25%. Many products Canada is interested in importing from the Philippines such as: Rubber, iron and steel... are all products that compete directly with Vietnam.
However, from the beginning of the year until now, the top 4 product groups accounting for the largest proportion of Vietnam's export turnover to Canada still maintain double-digit turnover growth: Electronics, mobile phones increased by 22,1%; shoe leather increased by 16.7%; knitted clothing increased by 16.9%; boiler reactor increased by 29.7%)...
Particularly for the leather and footwear industry, including transshipment from the United States, by the end of July 2023, exports of leather, shoes and handbags to the Canadian market (HS code 64, 42) have reached 593 million USD, of which HS code 64 continues to grow by 16.7% and HS code 42 increases by 27.3% over the same period in 2022. Canada's total imports during the period for these two product groups are 2.8 billion USD; that is, Vietnam alone accounts for over 21% of the market share.
Currently, Vietnam is the second most important exporting country to Canada for HS code 64, after China; and ranked third for HS code 42, after China and Indonesia. Regarding HS code 64, Vietnam is the country with the highest export growth rate in the region while Canada sharply reduces imports from China. Regarding HS code 42, Vietnam is also a country with a very high export growth rate, just behind Indonesia, but far ahead of Canada's 10 most important import partners.
"Items within the scope of support of the Association/leather, footwear and handbag industry are occupying the 3rd position in the top 10 most important export products of Vietnam into the area", the Trade Office emphasized and said that, after 5 years of implementing the Comprehensive Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam has nearly doubled its exports of leather, shoes 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 leather and 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, export businesses need to strictly comply with the regulations of the import market, paying attention to labeling regulations. Canadian importers require that imported products comply with the Food Product Labeling and Advertising Guidelines of the Canadian Food Control Agency, according to the standards set forth in the Safe Food for Canadians Regulations (SFCR). In it, all information must be recorded: Product name, volume, ingredients, product class/type, manufacturer/country, importer, batch number, PLU code number in two languages. Canada is moving to require GTINS (Global Trade Identification Numbers)/PLU codes. Imported products must have a certificate of origin for customs declaration. Canada recognizes and encourages businesses with Global GAP, GMP, HACCP...
For the leather and footwear industry, to increase market share and export turnover value, the Vietnam Trade Office in Canada decided to participate in the Toronto Textile, Garment and Footwear Fair taking place from November 13-15, 2023 and have a booth here to ensure the presence of the Vietnamese textile, garment and footwear industry in Canada. During the Fair, the Trade Office will support free display and connection for the Leather, Footwear - Handbag Association and its small and medium enterprises at the Trade Office's booth.
“The Toronto Textile, Garment and Footwear Fair will be an opportunity for Vietnamese leather and 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" - Counselor of the Vietnam Trade Office in Canada emphasized.