Binh Dinh seafood, wood and agricultural products have great potential in Canada

The Vietnam – Canada Economic Joint Committee with the theme "Canada - Gateway for Vietnamese enterprises to access the North American market" took place on the morning of March 28 in Quy Nhon City (Binh Dinh Province). Mr. Ngo Van Tong, Director of Binh Dinh Department of Industry and Trade, reported on the trade situation between Vietnam - Canada and illustrated the bright future of this market because there is still a lot of room, especially the seafood, wooden furniture, and agricultural products.

According to Mr. Ngo Van Tong, in the current context of many fluctuations in the world economy, diversifying export markets and exploiting new markets with plenty of room is the key to promoting growth.

Canada is not only a potential export market but also a "gateway" to access the North American market. Canada has a very important position in the export market structure of Binh Dinh province. Recently, Binh Dinh has promoted cooperation with organizations, businesses, and Canadian and American partners to strengthen connections in trade promotion activities, and find potential partners and cooperation opportunities, thereby creating opportunities for businesses to explore opportunities and promote investment and trade.

Also, according to Mr. Tong, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which has taken effect in Vietnam since 2019, has contributed to promoting export turnover of Binh Dinh province in the Canadian and North American markets. Annual export turnover has an impressive growth rate. The structure of exported goods changed positively, with strong products such as wood and wood products, agricultural products, aquatic products, garments, and rattan furniture... accounting for a high proportion of Binh Dinh's export turnover to the Canadian and North American markets.

In 2023, Binh Dinh's export turnover to the North American market reached US$ 569 million, accounting for 96% of export turnover to the American market (US$ 593 million), accounting for 35.6% of the total export turnover of Binh Dinh province. As for the Canadian market, since the CPTPP took effect, Binh Dinh's export turnover to Canada has increased fourfold, from US$ 4.1 million in 2018 to more than US$ 17.2 million in 2023, and in 2022, it reached US$ 23.9 million.

Mr. Pham Anh Tuan, Chairman of Binh Dinh Provincial People's Committee, shared that Binh Dinh has strengths in agricultural products, especially seafood products, refined wood for interior and exterior, and agricultural products. Binh Dinh is one of the provinces with the country's largest offshore fishing fleet, the country's highest tuna output, and a large amount of exported shrimp.

“Binh Dinh wants Canadian investors to pay attention and connect with Binh Dinh businesses that produce wood for export and process seafood products such as shrimp and tuna for the above-mentioned products. Exports to the Canadian market are increasing. Binh Dinh will promote deep processing of agricultural products with modern technology such as mango starch, pennywort starch... to enter the Canadian market", Chairman Pham Anh Tuan emphasized.

Pork and seafood have many advantages

Also, according to Mr. Tuan, although there have been initial results, attracting investment from Canadian businesses to Binh Dinh is still relatively modest, the fields are not diverse, and the value of exported products to Canada is still limited, inconsistent with both sides' potential, strengths, and desires. In the coming time, Binh Dinh will continue to invite Canadian investors to invest in 5 main pillars, including high-tech agriculture. Binh Dinh prioritizes attracting projects with modern, environmentally friendly technology, efficient use of resources, and products with competitive advantages.

According to Mr. Nguyen Quang Trung, former Consul General of Vietnam in Vancouver (Canada), recently, Canada sent a trade delegation led by Ms. Mary Ng., Minister of Economic Development, International Trade and Export Promotion of Canada, leading international organizations to learn about business and investment opportunities in Vietnam in critical fields such as agriculture, processed food, clean energy, clean technology, information and communication technology, creative technology industry...

At the end of 2022, the Vietnamese Canadian Business Association was established in Vancouver and licensed by the Canadian Government. This event has affirmed the position of businesses owned or co-owned by Vietnamese people in Canada and Vietnam. This is a crucial bridge to promote trade relations between the two countries' businesses; expanding exchanges and cooperation in culture, tourism, sports and many other fields to cooperate with all parties is beneficial.