International Trade Minister Teresa Wat is in Vietnam this week promoting the province and trade with B.C. to a country with a population already demonstrating an increased appetite for B.C. products and services.

It is the first time a B.C. trade minister has visited Vietnam and Wat’s trade mission, Nov. 8 - 11, 2015, comes on the heels of the recently signed Trans-Pacific Partnership (TPP) agreement. Once ratified and in effect, TPP will increase the competitive power of B.C. businesses with the elimination or significant reduction of tariffs and non-tariff barriers on goods and services sold in that country.

Promoting the appeal and quality of B.C. agrifood and seafood will be the focus of Wat’s participation in a cooking demonstration on Nov. 10, at the Canadian Food Festival in Ho Chi Minh City alongside celebrated Vancouver chef Nathan Fong.

The annual event takes place at Le Meridien Hotel and is organized by the Canadian Embassy.  Ambrosia apples from BC Tree Fruits, frozen cherries from Jealous Fruits and dried berry product from Tropical Link will be on display. Pacific Rim Shellfish and the Underwater Harvesters Association will also be there to showcase B.C. seafood delicacies.

Vietnam is one of B.C.’s top export markets for B.C. agrifoods with $25.8 million worth shipped in 2014, a jump of 113% from the previous year. Vietnam is a member of the Association of Southeast Asian Nations, a dynamic group of fast-growing countries with increasing demand for global products and B.C. is well positioned to take advantage of the expanding opportunities.

Wat’s trade mission to Vietnam follows on a successful Premier-led trade mission to China that focused on supplying China’s growing demand for clean energy technology and celebrating B.C.’s strong cultural ties with the country.

Wat’s time in Ho Chi Minh City also includes corporate calls to major Vietnamese buyers and investors, and will serve to bolster B.C.’s educational ties in Vietnam.

Trade missions are a critical part of British Columbia’s strategy to diversify its international trade partners and secure new investment, propelling economic activity and job creation throughout the province in support of the BC Job Plan.

Quotes:

Teresa Wat, Minister of International Trade and Minister Responsible for Asia Pacific Strategy and Multiculturalism –

“We’re diversifying and growing our economy by building strong relationships with countries that need the kind of goods and services that British Columbia excels at delivering. Vietnam is one of those countries, and my trade mission, and the face-to-face connections we make while there, will help cement some of those ties making it easier for B.C. companies to do business there.”

Ed Sang, president of Pacific Rim Shellfish Corporation –

“As someone who knows both sides of the growing trade relationship between British Columbia and Vietnam, I see a lot of potential for both markets in further developing our relationship. Vietnam is a bustling market, and an important gateway for a variety of Canadian industries, including seafood, to Southeast Asia — the opportunities for growth in key exports are huge.”

Quick Facts:

• As a member of the Association of Southeast Asian Nations (ASEAN), Vietnam is a large market of 90 million people with a lot of trade potential for B.C.
• B.C. exports to Vietnam have risen significantly in recent years, from $49 million in 2010 to $104 million in 2014.
• B.C.’s mining (britishcolumbia.ca) and agrifoods (britishcolumbia.ca) sectors led B.C.’s goods exports to Vietnam in 2014 and this year’s exports are on track to rise a further 10%, with seafood products experiencing particularly high levels of growth.
• Top B.C. agrifood and seafood exports to Vietnam include: salmon, herring, shrimp, prawns, geoduck clams, crabs, clams, cherries and apples.
• The Trans-Pacific Partnership (TPP) trade agreement gives B.C. businesses new and improved access to key Pacific Rim markets including Vietnam, especially in sectors like fish and seafood, agriculture, forestry, technology and manufactured goods where tariffs were high and will now be reduced or eliminated. 
• Some examples of Vietnam tariffs that will be eliminated by TPP:
  • 12-34% on products like fresh and frozen salmon, smoked salmon, halibut, herring, crabs, geoduck and fish oils will be eliminated as a result of the TPP
  • Up to 30% % on prepared shrimp
  • Up to 34% on herring roes within three years
  • Up to 31% on fresh/chilled and frozen beef within two years
  • Up to 31% on pork
  • Up to 31% on forestry products
  • Up to 27% on pulp and paper products
  • Up to 27% on aluminium products within three years
  • Up to 40% on iron and steel products within 10 years

Learn More:

To find out more about Chef Nathan Fong: http://www.fongonfood.com/

For more information on some of the B.C. companies attending the Canadian Food Festival, see:

• BC Tree Fruits: http://www.bctree.com/
• Jealous Fruits: http://jealousfruits.com/
• Tropical Link: http://www.tropicallinkcanada.com/
• Pacific Rim Shellfish Corporation: http://www.lobsterman.com/
• Underwater Harvesters Association: http://www.geoduck.org/

Follow the trade mission on Twitter @BCJobsPlan (twitter.com) , #BCTM15

For more information about B.C. trade and investment opportunities visit: http://www.britishcolumbia.ca/