Hanoi (VNA) – The Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) is expected to boost economic and tradecooperation between Vietnam and Canada once it takes effect, according toinsiders.

Canada’s tax reduction roadmap from the current 17-18 percent down to zeropercent within three years will create great opportunities for Vietnamesebusinesses, especially garment, footwear, and timber product exporters, theysaid.

Two-way trade reached 3.87 billion USD in 2018, a year-on-year rise of 10.6percent. Vietnam exported 3.01 billion USD worth of goods to Canada, up 10.9percent against the previous year, according to Deputy Minister of Industry andTrade Do Thang Hai.

Canada is now the third biggest trade partner of Vietnam in the Americas, followingthe US and Brazil. Meanwhile, Vietnam is Canada’s biggest trade partner in theAssociation of Southeast Asian Nations (ASEAN).

Vietnam’s main exports to Canada include garment-textile, footwear, seafood,cashew nut, and iron and steel products.

The Asian country mainly imports wheat, soybean, machinery, equipment, spareparts, fertilisers, garment-textile material, footwear, wood and timber productsfrom the market.

The supplementary structure of goods between Vietnam and Canada is a favourablefactor for the two countries to cooperate in trade, market watchers stressed. –VNA