Vietnamese seafood exports to Canada have witnessed robust growth in recent times following the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), with shrimp, tuna, and basa fish making up a high market share in the Canadian market, according to industry insiders.
To Thi Tuong Lan, deputy secretary general of the Vietnam Association of Seafood Exporters and Producers (VASEP), said seafood exports to Canada enjoyed an increase from US$196 million in 2015 to US$229 million in 2019.
Most notably, despite suffering from the adverse impacts caused by the novel coronavirus (COVID-19) epidemic, seafood exports to Canada during the opening eight months of the year saw a rise of 11.6% on-year to over US$156 million, of which shrimp exports surged 27% to over US$110 million, with tuna also rising by 3.1% to approximately US$16 million.
Seafood exports to this market for the entire year are projected to record an increase of roughly 20% compared to last year’s figures.
Despite these positives, several local businesses have stated that they face numerous obstacles when trying to enter the Canadian market due to their high requirements on quality, food safety, and hygiene standards.
Furthermore, some Canadian businesses require that Vietnamese firms deliver goods before payments are made, which therefore poses a high risk for Vietnamese enterprises.
As a means of dealing with this situation, Dao Phuong Thuy, president of the Vietnam Club - Canada Hub Solutions, has advised domestic firms to gain knowledge about their partners and establish a long-term partnership with importers as a means of gaining greater insights into the Canadian market.
Canada is regarded as a gateway to the global market thanks to its access to priority markets through the signing of 14 free trade agreements with 51 countries, representing nearly 1.5 billion consumers with a total GDP reaching US$49.3 trillion, according to Nguyen Tuan, deputy director of the Investment and Trade Promotion Center of Ho Chi Minh City.