Canada Wants to Establish Robust Trade Relations with Vietnam

In preparation for the upcoming visit of the Canadian trade delegation, the country's Export Development Agency (EDC) cooperated with the Vietnam Trade Office to organize a seminar to update the economic condition and assess the effectiveness of Vietnam's activities in the global supply chain.
February 23, 2024 | 10:49

The event drew the attention of many Canadian businesses looking to expand operations to Vietnam because the speakers provided a wealth of information about the two countries' economic cooperation frameworks, as well as best action plans to maximize the benefits of all sides in the context of Canada's Indo-Pacific Strategy, which is focused on implementing to the ASEAN region.

In his welcome speech, Vietnamese Ambassador to Canada Pham Vinh Quang stated that Vietnam and Canada share the same vision and concerns about the Indo-Pacific. Both are dedicated to creating an open, inclusive, and sustainable area based on regional laws and structures to foster peace, stability and closer economic cooperation.

For this reason, the two countries established a comprehensive partnership in 2017 that covers various sectors of cooperation, with economic cooperation and commercial investment serving as key foundations.

Vietnam is currently Canada's largest trading partner in ASEAN, with bilateral trade valued at approximately 14 billion CAD in 2023. Vietnam is also an important partner of Canada in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which opens up much potential for this country's products and services to enter both the domestic and ASEAN markets.

Responding to correspondents from the Vietnam News Agency in Canada, EDC Vice President in Charge of the Indo-Pacific Region George Monize stated that the purpose of this event is to prepare Canadian companies to participate in the trade delegation to Vietnam next March. "This is a great opportunity for Canadian companies to learn about the existing market potential in Vietnam and how to gain access to it. Canadian goods have proven standards, and I believe they will meet the needs of Vietnam's growing middle class," noted George Monize.

A speaker representing the Canadian Ministry of Global Affairs presented on optimizing the Indo-Pacific Strategy and expanding the Vietnamese market for Canadian businesses.
A speaker representing the Canadian Ministry of Global Affairs presented on optimizing the Indo-Pacific Strategy and expanding the Vietnamese market for Canadian businesses. (Photo: VNA)

The Canadian trade delegation to Vietnam from March 27 to 29 is expected to be led by Minister of International Trade Mary Ng. The delegation will also include 150 enterprises specializing in processed foods, biomedicine, clean energy, new technology, information technology, creative technology, and aviation technology. This trip aims to promote comprehensive Vietnam-Canada cooperation while increasing Canada's presence in the ASEAN region.

President Remy Franzoni of Engram Business Consulting Group told reporters that it was fascinating to see an increase in Canadian businesses' interest in what is going on in Vietnam. This event brought together numerous specialists from EDC, the Ministry of Global Affairs, and the Canadian Business Council, providing businesses with a great deal of important information as they prepare for their trip with the Canadian trade delegation. The Vietnamese delegation included both the Ambassador and trade representatives, who delivered detailed presentations. This demonstrates that both sides are actively preparing for a positive trading partnership in the future.

Canadian Minister of International Trade Mary Ng hoped that Canadian businesses participating in this trip would set up operations in attractive markets like Vietnam and develop supply chain ties.

Senior leaders from Canadian businesses will meet with Vietnamese partners and enterprises to discuss policy-related issues and opportunities to benefit from the trade deal as well as existing bilateral procedures and investment, sales, and supply potential in Vietnam.

This is the first trade delegation organized by the Canadian government in 2024 as part of the Indo-Pacific Strategy, valued at more than 2.3 billion CAD. In this Strategy, Canada establishes five primary objectives, including increased trade, investment, and supply chain development in the region.

Tran Thu Quynh, Commercial Counselor at the Vietnam Embassy in Canada, told reporters that this event is part of a series of activities organized by the Trade Office to prepare for Canada's largest corporate delegation to enter Vietnam. This will be a significant event in the two countries' cooperative relationship, in addition to the Joint Committee on Economic Cooperation's operations. This Canadian trade delegation to Vietnam operates in six distinct industries and will provide numerous chances for businesses in both countries to interact in markets and supply chains, such as identifying opportunities to connect customers, business partners, brand partners, and suppliers.

Vietnam-Canada ties are gradually improving in all areas, including economy, trade, investment, social culture, science and technology, education and training, and people-to-people exchanges. With outstanding development prospects, both Vietnam and Canada have significant needs and chances for cooperation from the Canadian trade delegation to Vietnam this time.

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