Southeast Asia Information Port (www.dnyxxg.com) reports that Canada's annual coffee imports remain stable at around US$1.4 billion. In the first quarter of 2024 alone, the market imported over US$4.4 million worth of coffee from Vietnam, a year-on-year increase of 12.2%.
In 2023, Vietnam's coffee exports to Canada exceeded US$32 million, reaching the highest level between 2013 and 2023; this represents a 220% increase compared to before both countries joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Seizing this opportunity, Cactus, a Vietnamese company investing in Canada, decided to open a Vietnamese coffee shop in Toronto, seeking new markets for various Vietnamese coffee products to increase future exports.
Cactus started its business in 2021, during the peak of the COVID-19 pandemic, and therefore faced many difficulties. Currently, Cactus's Vietnamese coffee business is thriving with a stable customer base.
This demonstrates the special position of Vietnamese coffee in the Canadian market. Vietnamese coffee has not only left a deep impression on local friends but has also received enthusiastic support from Vietnamese people working and studying in Canada. With its current growth rate and the development of Vietnamese brands like Cactus, Vietnamese coffee has the potential to surpass Mexico and become one of Canada's top ten coffee import markets.
Tran Thu Quynh, Commercial Counselor at the Vietnamese Embassy in Canada, stated that the Vietnamese Trade Office hopes to establish a partnership with Cactus to make it a destination for introducing and promoting various Vietnamese brands.
Vietnam is currently the most authoritative coffee producer in Canada among ASEAN member states, holding a market share of approximately 2%. The CPTPP is bringing significant tariff advantages, helping Vietnamese coffee surpass competitors from ASEAN countries, India, and other nations and regions. (End)
