Illustrative photo (Source: VNA)
At present Canada is the seventh largest importer of Vietnamese shrimp, accounting for 5% of the nation’s total shrimp export value. Indeed, Vietnamese shrimp exports to this market by mid-October recorded an increase of approximately 29% to USS146.5 million from the same period last year.
According to insiders, there remains plenty of room for Vietnamese shrimp to enter the fastidious market due to a range of tax incentives, including the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the large number of high-income earners.
Currently the North American country mainly imports a variety of different types of fresh frozen shrimps from the nation, such as tiger prawn and white-leg shrimp.
According to the International Trade Center (ITC), Canada is the 13th largest importer of shrimp in the world, accounting for roughly 2% of global shrimp import value.
Since 2014, the country has successfully maintained its leading position as the main supplier of shrimp to this market, followed by India, China, Thailand, and Indonesia.
The Canadian Government is in the process of devising policies aimed at encouraging businesses to diversify their markets and reduce their reliance on imports from the United States. As a result, the nation is swiftly becoming one of the countries that Canadian businesses are keen to promote import-export activities with.
Most notably, Canada is regarded as the gateway to the global market due to its access to priority markets through 14 trade agreements with 51 countries, along with nearly 1.5 billion consumers, whilst also featuring an overall GDP of USS49.3 trillion.
According to VOV, as a means of increasing shrimp export turnover to Canada, firms are advised to meet the requirements set by the CPTPP with regard to human resources, production chains, food safety, and hygiene in order to enhance competitiveness within the market.
Singapore newspaper highlights Vietnam’s success story
The Straits Times, an English-language daily broadsheet newspaper based in Singapore, on November 9 ran an article spotlighting impressive achievements of Vietnam, the Chair of the ASEAN 2020, Vietnam News Agency (VNA) has reported.
A corner of Ho Chi Minh City (Photo: VNA)
While all eyes are on the ASEAN Summit to be held from November 12 - 15, Vietnam’s economic success story, too, has been the subject of much attention, it said.
The country’s economy has consistently turned in a strong performance in the past decade, growing by 5 percent to 7 percent each year. Foreign investors are especially drawn by its expanding middle class, vibrant private sector and young population. About 70 percent of its 95 million people are younger than 35.
According to the first female Ambassador of Singapore to Vietnam Catherine Wong, for Singapore, economic ties are a "mainstay" of its relationship with Vietnam.
Wong said Singapore is the third-largest foreign direct investor in the country, and this is very significant as the top two investors are the Republic of Korea and Japan, which are far larger economies than Singapore.
She told the Straits Times that longstanding symbols of cooperation include a 24-year-old Vietnam-Singapore Industrial Park joint venture, plus a connectivity framework agreement since 2006 to boost collaboration in sectors such as finance, information technology and transport.
But there are new opportunities, she added, setting her sights on Vietnam's rapidly growing infrastructure, urban solutions, innovation and start-ups, and e-commerce.
Regarding agricultural trade, she hoped to diversify Singapore’s sources of food supply by bringing more Vietnamese agricultural products and seafood into Singapore.
Touching on Vietnam’s fight against COVID-19, Wong said the Government has taken some tough measures, reacted quickly, and prepared early for possible local infections after the first cases in China emerged.
The country also developed its own test kits and ventilators, and is working on developing a vaccine, she said.
Vietnam experienced two waves of infections - one in March and April, and a more localised outbreak in Danang city in July and August. But the authorities' swift response and comprehensive lockdown measures put a lid on local transmissions.
For this reason, Singapore was confident in unilaterally lifting border restrictions to its visitors from Oct 8, she said.
Vietnam's borders, however, remain closed. The next step is to see how two-way travel can be eased with health and safety precautions in place, she added.
Etau dumps heavy rains as it makes landfall in central Vietnam
Tropical storm Etau slammed into the Binh Dinh-Ninh Thuan coast on November 11, bringing strong winds and torrential rains across the region and threatening to cause flooding and landslides, Nhan dan newspaper reported.
Trees are uprooted in Khanh Hoa Province following the landfall of Etau. (Photo: NDO)
Total rainfall of 100-200 millimeters was reported in the 12 hours before 7am on Thursday in the provinces from Thua Thien Hue to Khanh Hoa and in the east of Dak Lak Province in the Central Highlands, according to the national weather service.
Heavier rains are expected to lash central coastal provinces as well as the Central Highlands over the coming days, with some places expected to record rains of up to 350 millimeters.
The weather agency has issued flash flood and landslide warnings for the provinces from Quang Tri to Binh Thuan and the Central Highlands while towns, cities and low-lying areas from Binh Dinh to Khanh Hoa also face the risk of inundation.
Initial reports from Phu Yen Province showed trees were uprooted by strong winds, some roads were flooded and power was cut, affecting more than 124,000 customers.
Following its landfall, Etau, the 12th storm to hit Vietnam this year, downgraded to a tropical depression and continued moving westward across the Central Highlands.
According to Nhan dan newspaper, earlier on November 9, the national carrier Vietnam Airlines announced it would cancel six flights and postpone many others as Tuy Hoa, Cam Ranh, Buon Me Thuot, Lien Khuong and Phu Cat Airports are temporarily closed./.