With the elimination of import duties on 95 per cent of tariff lines when the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) entered into force, Canada is seen as a highly-promising market for Vietnam’s key exports, including wood and wooden products.

With annual productivity of 600 million cu m, Canada is one of the top 10 furniture manufacturers in the world. Due to a rapid increase in imports over recent years, however, the country has become a net importer of furniture, with Vietnam becoming an important supplier.

Figures from the General Department of Vietnam Customs show that exports of wood and wooden products to Canada stood at nearly $219.8 million in 2020, an increase of 14.4 per cent over 2019.

Turnover was $169.3 million in the first eight months of 2021, up 35 per cent against the same period of 2020.

Figures from Statistics Canada, meanwhile, show that China, Vietnam, the EU, and the US are the four major suppliers of wooden furniture, with total import value accounting for over 80 per cent of Canada’s total furniture imports.

The Ministry of Industry and Trade has said that with more than 7,000 enterprises and 340 craft villages and an abundant, low-cost workforce, Vietnam is highly capable in wood production and processing and is expected to become one of the world’s largest wood production centers over the next 10-15 years.

The CPTPP entered into force on December 30, 2018, when the first six countries ratified the agreement: Canada, Australia, Japan, Mexico, New Zealand, and Singapore. It entered into force between Canada and Vietnam on January 14, 2019.