Vietnam-Canada Trade Surges Toward $10 Billion Milestone Driven by CPTPP

The 2026 Trajectory and Surging Export Figures

Economic momentum between the two nations has intensified through the first two quarters of 2026. Data released for the first seven months of 2026 reveals a 24.1 percent surge in bilateral trade compared to the same period in the previous year, settling at 5.9 billion dollars. Vietnamese exports to the Canadian market climbed to 5.1 billion dollars, representing a 20.4 percent increase. Meanwhile, inbound shipments from Canada grew by 50.6 percent to reach 876.7 million dollars. These figures cement Vietnam’s position as Canada’s sixth-largest import partner globally and its most vital trade partner within the Association of Southeast Asian Nations (ASEAN).

Earlier metrics from the Ministry of Industry and Trade show that in the first four months of 2026 alone, Vietnamese shipments to Canada touched 4.88 billion dollars, marking a 30.8 percent year-on-year jump. Within this span, machinery and equipment exports surged by 80.9 percent to 1.48 billion dollars, while the footwear sector continuously expanded its footprint across Canadian retail shelves.

Policy Shifts and CPTPP Tariff Advantages

Much of this strong commercial expansion traces back to the implementation of the CPTPP. The trade pact provides preferential tariffs that grant Vietnamese goods superior market penetration in North America while simultaneously helping manufacturers integrate their supply chains across both regions.

Effective September 8, 2026, Canada imposed countervailing duties on more than 700 product lines originating from the United States. Because the majority of Vietnamese goods continue to enjoy a zero-percent tariff rate under the CPTPP framework, the Ministry of Industry and Trade anticipates that this tariff gap will significantly sharpen the competitive edge of processed seafood, textiles, and footwear from Southeast Asia.

Strategic Sectors for Future Cooperation

Canadian strengths in advanced research, energy, and technology match effectively with Vietnam’s heavy production capabilities, expanding domestic market, and strategic gateway position within ASEAN.

Discussions at the Vietnam-Canada Economic Summit highlighted mutual interest in finance, energy, infrastructure, transport, and high technology. The Vietnamese Trade Office in Canada has pinpointed lucrative commercial openings in clean energy, essential minerals, agriculture, food processing, and supporting industries.

To sustain this trajectory, both governments have committed to utilizing the Joint Economic Committee effectively, deepening implementation of the CPTPP, and smoothing logistics for both physical goods and service sectors.