Trade relations between Viet Nam and Canada experienced a 20-fold increase, reaching US$2.2 billion in 2013. —  VNA/VNS Photo Trong Dat

HA NOI (Biz Hub) — Vietnamese companies have yet to exploit the full potential of the Canadian market, which was described as lucrative because of its significant import volume.

At a conference held in the capital city yesterday, Hoang Van Dung, vice chairman of the Viet Nam Chamber of Commerce and Industry, said that ever since the two countries signed a bilateral trade agreement in 1995, trade relations between Viet Nam and Canada experienced a 20-fold increase, reaching US$2.2 billion in 2013.

Last year, Viet Nam enjoyed an export surplus of more than $1 billion using key items such as textiles and garments, agricultural and wood products, as well as footwear, seafoods and computers.

However, Canada has yet to be included in the list of Viet Nam's 20 largest export markets and accounted for less than one per cent of exports, said Zaki Munshi, Project Manager Asia at TFO Canada, a non-profit non-government organisation that facilitates access to the Canadian marketplace.

Viet Nam's main exports to Canada were somewhat different from its global exports, which were focused on crude petroleum and rice, Munshi noted.

To increase trade with Canada, Munshi suggested that Vietnamese companies identify other exportable products and services with potential in Canada while seeking to maintain their competitive advantage.

The companies should also make greater efforts to explore the full potential of the seafood and electronics products segments, Munshi added. He also stressed the importance of registering companies' business profiles and export offers on TFO Canada's website, where less than 30 Vietnamese companies were currently registered.

At the event, participating Vietnamese companies also learned more about Canada's consumer and market trends, legal environment, tariff treatment and modes of transport.

According to the Ministry of Industry and Trade's American Market Department, exchanges of government and business delegations and trade information should be accelerated. — VNS