News

Vietnamese Canadian firm benefits from CPTPP

02/08/2023    77

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to which both Vietnam and Canada are members, has brought about many benefits to businesses of both sides.

Canadian Vita, a ginseng processing firm founded in 2017 by Tran Hieu, a Vietnamese Canadian, is an example of enterprises enjoying opportunities from the deal.

Hieu said that since the CPTPP took effect five years ago, his company has thrived thanks to tax exemption policy between the two countries, enabling his firm to promote ginseng exports to Vietnam.

Currently, Canadian Vita is running a 20-hectare farm with an output of 150 tonnes of dried ginseng each year, earning about 9 million USD, 60% of which is from the Vietnamese market.

Canadian Vita is not the only firm benefiting from the pact which comprising 11 members from three continents of Asia, America and Oceania.

Tran Thu Quynh, Vietnamese Trade Counsellor in Canada, said that Canadian Vita’s success is evidence of the effective efforts by Vietnamese and Canadian trade representative agencies on the basis of making full use of the CPTPP.

Currently, many Vietnamese companies are showing interest in importing materials from Canada, including ginseng for medicine, cosmetic and supplementary food production.

Canada is one of the four leading ginseng production hubs in the world. The CPTPP has helped Canadian ginseng become more popular thanks to a wider market.

Hieu said that his company is confident in its development strategy basing on its strengths and good market development.

Currently, Canadian Vita is running more than 200 retail shops across the world, including two in Vietnam. It plans to open one in each Vietnamese localities, and continue to expand its network to other CPTPP members to optimise benefits from the pact./.

Source: VietnamPlus