Vietnam Maintains Position as Canada's Largest Trading Partner in ASEAN

Canada-Vietnam trade turnover in 2021 exceeded US$6 billion, up 19% compared to 2020. Photo: VNA

In Ottawa, during a hearing on April 27, at the Standing Committee on International Trade of the House of Commons of Canada, Prof. Julie Dai Trang Nguyen, director of the Canada-Vietnam Association (CVS), talked about the importance of Vietnam for Canadian businesses, not only in ASEAN, but also throughout the Indo-Pacific region.

Since 2015, Vietnam has always maintained its position as Canada's largest trading partner in the ASEAN region. Canada-Vietnam trade turnover in 2021 exceeded US$6 billion, up 19% compared to 2020.

According to Prof. Julie Nguyen, trade diversification is important for the Canadian economy, and Ottawa needs to build strong relationships with Asian countries.

ASEAN - a trading bloc with a total population of 700 million and a Gross Domestic Product (GDP) of up to 5 trillion CAD (US$3.9 trillion) - is currently Canada's sixth largest trading partner.

In 2020, the value of goods exchange between Canada and ASEAN reached 26.7 billion CAD (US$20.8 billion), while the value of trade in services reached 5.8 billion CAD (US$4.5 billion).

These numbers are expected to continue to increase, in the context that Canada has permanent missions in all 10 ASEAN member countries.

Not only representing one of the world's fastest-growing economic regions, ASEAN is also central to Asia's regional security architecture.

Professor Julie Nguyen (far right) presents Vietnamese Ambassador to Canada Pham Cao Phong and his wife two of her works. Photo: VNA

Addressing Canadian parliamentarians, Julie Nguyen said that Vietnam will also be an important security partner in Canada's Indo-Pacific strategy, as both countries are committed to multilateralism, global security and combating climate change.

Prof. Julie suggested that Canada could consider joining Vietnam's network of free trade agreements, which currently cover 60 economies representing 90% of the world's GDP.

During the hearing on April 27, with the main content of opportunities for Canadian businesses in the Indo-Pacific, Professor Julie Nguyen also talked about the fundamental factors of the long-standing relationship between Canada and Vietnam.

Both countries are members of La Francophonie, participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The Comprehensive Partnership Agreement between Vietnam and Canada was signed in 2017. In 2019, Vietnam became one of the top 5 sources of international students in Canada.

Prof. Julie Nguyen, director of the Canada-Vietnam Trade Council, said that cooperation between the two countries will continue to grow in all areas, especially trade. This comes as Canada recognizes the growing importance of Vietnam and the Indo-Pacific region to its supply chain and long-term economic growth.

In the coming time, the Canada-Vietnam Trade Council is expected to continue to organize events to provide information, connect, and facilitate trade and investment exchanges between the two countries.

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