Vietnam-Canada Trade Nears $10 Billion as CPTPP Tariff Benefits Grow
Bilateral trade between Vietnam and Canada is rising toward $10 billion, reaching $5.9 billion in the first seven months of 2026, a 24.1 percent increase year on year. Vietnamese exports to Canada grew 20.4 percent to $5.1 billion, while Canadian shipments to Vietnam rose 50.6 percent to $876.7 million. The CPTPP’s preferential tariffs are helping Vietnamese goods, especially seafood, textiles, and footwear, as Canada imposed countervailing duties on many US products.
Through July 2026, two-way trade reached $5.9 billion, up 24.1% from a year earlier. Vietnam sold $5.1 billion to Canada (+20.4%), while Canadian sales to Vietnam hit $876.7 million (+50.6%). Vietnam ranks as Canada’s sixth-largest import source and its leading ASEAN trade counterpart. In the first four months of 2026, machinery and equipment exports jumped 80.9% to $1.48 billion, with footwear also gaining.
Under CPTPP, most Vietnamese goods face zero tariffs. After Canada applied countervailing duties to over 700 US product lines on September 8, 2026, officials expect seafood, textiles, and footwear to gain an edge. Discussions also covered financing, power, infrastructure, transportation, advanced technology, renewable energy, minerals, farming, food production, and supplier networks.
Canadian shoppers could see greater availability of Vietnamese seafood, clothing, and footwear, while Vietnamese workers and small manufacturers in those sectors may gain from stronger export demand. Canadian firms in energy, agriculture, technology, and transport might find new openings. Logistics, retail, and supply-chain workers could also feel shifts as trade expands. The benefits may depend on tariff rules remaining stable, so businesses tied to CPTPP preferences could face uncertainty if trade policy changes.