The opening eight months of the year witnessed Vietnamese shrimp exports to Canada enjoy growth of 27% over the same period last year, whilst taking the top spot in terms of exporters to the market, according to figures released by the Vietnam Association of Seafood Exporters and Producers (VASEP). 

At present, Canada makes up the country’s seventh largest shrimp importer, accounting for 4.8% of the total Vietnamese shrimp export value.

Throughout the eight-month period, local shrimp exports to Canada reached US$110.6 million, representing an annual rise of 27%. With the exception of the first month of the year, shrimp exports to Canada have consistently recorded double-digit growth.

According to figures released by the World Trade Center (ITC), Canada ranks 13th in terms of shrimp importers globally, making up approximately 2% of overall global shrimp import value.

Furthermore, Vietnam is the largest shrimp supplier to Canada, accounting for 34% of the North American country’s total shrimp import value, a position the nation has maintained since 2014.

With the Canadian Government seeking to diversify markets and reduce its dependence on imports from the United States, Vietnam be considered a market that Canadian businesses are interested in promoting import and export activities with. In addition, Canada represents an affordable market for high-value products and serves as an important bridge for domestic businesses in which to boost their market expansion to other North American nations.

In terms of geographical location, Canada is in close proximity to the US, with its citizens enjoying a high income and firms benefiting from tax incentives from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This therefore offers plenty of opportunities for Vietnamese shrimp exports to take advantage of this highly lucrative market.