international trade

International payment – Letter of Credit support and assistance service

Financing international trade, International Business, Resources

The letter of credit (“L/C”) is an important tool for settlement of international trade transactions, however many Canadian businesses may be unfamiliar with this payment instrument and its benefits. The applicable rules for letters of credit (“L/Cs”) are the UCP 600 (Uniform Customs and Practice for Documentary Credits, ICC Publication No. 600), which apply to …

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Canada’s CPTPP partner: Vietnam

International Business, Resources, Vietnam/ASEAN sourcing and exports

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a trading block that represents 495 million people with a combined gross domestic product of CAD $13.5 trillion – a full 13.5% of global GDP. Through the CPTPP, Canada now has preferential access to some of the world’s most dynamic and fast-growing markets, which will …

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graph, diagram, growth

Boost your business’ resilience by diversifying your markets

International Business, Resources, Vietnam/ASEAN sourcing and exports

It’s easy to feel hesitant about exporting given the impacts of COVID-19 and the rising tides of economic protectionism. But diversifying your markets remains one of the best ways to make your business resilient and ready to grow.  Canadian companies that build a multinational presence through trade and diversification are more profitable, more stable and …

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a red sale tag on a miniature shopping cart placed on a macbook laptop

Vietnam’s Thriving E-Commerce

International Business, Vietnam/ASEAN sourcing and exports

Vietnam is rising as a fast-growing e-commerce market, marked by strong mobile commerce, increasing foreign investments, a favorable regulatory environment, and enhanced internet access. The country may be less developed than many other e-commerce markets, but it is expanding rapidly, supported by a generation of digital natives starting to earn and spend money. According to …

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Exporting made safer: Managing risk with Incoterms® 2020

Financing international trade, International Business, Resources

Incoterms are internationally accepted definitions for the most common terms used in contracts for the sale of goods. Incoterms 2020 came into force on Jan. 1, 2020, superseding the earlier Incoterms 2010. What are Incoterms? Incoterms are formal terms used in most international sales contracts to reduce the logistical risks of doing business internationally. These three-letter acronyms mean the …

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Methods of Payment in International Trade

Financing international trade, International Business, Resources

To succeed in today’s global marketplace and win sales against foreign competitors, exporters must offer their customers attractive sales terms supported by the appropriate payment methods. Because getting paid in full and on time is the ultimate goal for each export sale, an appropriate payment method must be chosen carefully to minimize the payment risk …

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Relocating Your Supply Chain to Vietnam

International Business, Resources, Vietnam/ASEAN sourcing and exports

The COVID-19 pandemic has had a significant impact on global supply chains, upending trade, and slowing growth. Due to the pandemic, China, known as the ‘factory of the world’ shut factories and production lines, battering supply chains. This created a domino effect with businesses struggling to finish products and source raw inputs. Moreover, the US-China trade war was already …

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The Regional Comprehensive Economic Partnership (RCEP): Significance of massive Asia-Pacific deal

International Business, Resources, Vietnam/ASEAN sourcing and exports

In a 2020 world full of surprises, here’s another one: when we were all focused on the COVID-19 third wave, renewed lockdowns, the United States’ election drama, Brexit, trade friction and weighty social issues, out of the blue came the signing of a new trade deal. And this one is no minor footnote; it’s the …

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Increase your exports with free trade agreements

International Business, Resources, Vietnam/ASEAN sourcing and exports

Using free trade agreements (FTAs) to your advantage can seem complicated at first, but there are many benefits to leveraging them within your export strategy.  Through FTAs, Canadian businesses have gained preferential access to nearly 90% of export markets, or about 1.5 billion potential customers worldwide. Canada is an internationally respected trading nation and the leading …

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