According to Ms. Tran Thu Quynh, Commercial Counsellor at the Vietnam Trade Office in Canada, the “Buy Canadian” campaign could also benefit Vietnam’s trade and investment if the country effectively utilizes cumulation of origin rules under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Vietnam’s Exports to Canada Surpass USD 10 Billion for the First Time
Statistics from Vietnam Customs show that Vietnam’s exports to Canada reached USD 6.37 billion in 2024, an increase of 13.5% compared to 2023.
Meanwhile, Canadian data recorded USD 10.6 billion worth of imports from Vietnam in 2024 — up 8.2% year-on-year. This marks the first time Vietnam’s exports to Canada have exceeded USD 10 billion in bilateral trade history.
Vietnam also achieved a trade surplus of approximately USD 9.9 billion with Canada (according to Canadian data), and over USD 5.5 billion according to Vietnamese statistics.
During Q4 2024, Vietnam’s exports to Canada surged, reaching USD 570–590 million per month, about 20% higherthan earlier in the year. These were the highest monthly export levels since September 2022.
Among Canada’s top 10 import partners, Vietnam maintained its position as the 7th largest supplier. Within ASEAN, Vietnam remained Canada’s most important import partner, accounting for nearly 45% of Canada’s total imports from the region.
Strong Growth Across Key Export Categories
Several major export sectors saw significant growth in 2024:
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Machinery and nuclear reactors: +90% year-on-year, becoming Vietnam’s second-largest export to Canada.
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Computers and electronics: +35%
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Textiles and garments: +10%
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Footwear: +16%
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Seafood: +22%
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Wood and wood products: +22%
Agricultural and food products also recorded robust gains:
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Cashew nuts: +21%
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Coffee: +16%
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Fruits and vegetables: +44%
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Confectionery and cereals: +30%
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Pepper: +81%
The iron and steel sector also rebounded strongly — with base metals up 25% and steel products up 30%, driven by Canada’s anti-dumping duties on Chinese steel, which redirected trade flows toward Vietnam.
Maximizing CPTPP Cumulation Rules for Competitive Advantage
In January 2025, Canada amended its administrative process for reviewing normal values and export prices. Exporters are now responsible for adjusting export prices to reflect market and cost changes.
The Canada Border Services Agency (CBSA) will conduct these reviews annually instead of every 3–5 years as before.
Experts believe this could create new opportunities for Vietnamese exporters, provided they carefully comply with trade defense regulations and documentation requirements.
However, the CBSA has recently issued anti-dumping decisions affecting several Vietnamese exporters:
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On January 23, 2025, the CBSA announced the conclusion of a review on upholstered seating from China and Vietnam, imposing an anti-dumping duty of 179.5% on non-cooperative Vietnamese firms.
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On January 31, 2025, the agency released its findings on oil country tubular goods (OCTG) imports from several countries, including Vietnam. Some Vietnamese exporters were subject to a 37.4% anti-dumping duty for not providing sufficient information.
These cases highlight the importance of transparency, documentation, and compliance for Vietnamese exporters when accessing the Canadian market.