Despite accounting for only 15% of Canada’s imports value in 2022, Vietnam remains the fourth largest wooden furniture supplier to the country, according to the General Department of Vietnam Customs.
The Vietnam Timber and Forest Products Association (VIFOREST) has assessed that there is a wealth of opportunities ahead for Vietnamese wood furniture to expand their market share in Canada in the near future.
Most notably, the enforcement of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has helped Canadian businesses to gain greater insights about Vietnamese production capacity.
Moreover, both sides are members of the CPTPP and the Asia-Pacific Economic Cooperation (APEC), with the two countries establishing a mechanism of a Joint Economic Committee to periodically exchange views on economic and trade co-operation prospects.
Recently, the two countries have put into operation a large container ship route running directly from Hai Phong city in Vietnam to Vancouver city in Canada, thereby reducing the transit time to 17 days and lowering transportation costs for Vietnamese exporters.