Firms ask for preferential tax treatment for export to Canada

According to the latest news from the Ministry of Industry and Trade, up to now, it has received more than 400 dossiers from enterprises asking for preferential tax treatment when exporting to Canada after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect.

Statistics by the ministry showed that exports have increased significantly after the CPTPP became effective. Exports to Canadian market alone have risen by 70 percent compared to the same period last year. Vietnam did not have a free trade agreement with Canada before.

Canada is a potential market for Vietnamese garment and textile industry. Last year, garment and textile exports to Canada reached around US$690 million.
As for aquatic industry, this country imported up to $240 million worth of seafood products from Vietnam.

According to Vietnam’s Commercial Counsellor in Canada, import takes the upper hand in this market. If measured by import value per capita, the Canadian market is twice as high as the US market. Around 60 percent of immigrants in Canada are Asian people so the demand to import goods from Asia, including Vietnam, is extremely high.

Canada has a strong economy and is a potential market for key export products of Vietnam. However, this is also a choosy market with strict standards so firms should be active so as to adapt to it, the ministry said.