Canada favours Vietnam market

March 28, 2024 | 16:44

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A delegation of nearly 200 Canadian businesses is visiting Vietnam from March 26 to 29 to boost trade and investment.

Since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into effect, with Vietnam and Canada as members, the cooperative relationship between the two countries has seen significant advancements in trade and investment.

Vietnam and Singapore bonding over substantial benefits in trading and investment

According to Nguyen Hong Dien, Minister of Industry and Trade, with the foundational cooperation frameworks established by both sides, there remains substantial potential for the development of the bilateral relationship.

"Canada is currently Vietnam's third-largest trading partner in the Americas, while Vietnam is Canada's largest trading partner in the ASEAN region. In 2023, bilateral trade between Vietnam and Canada reached $6.24 billion," Dien said. "Regarding investment, Canada ranks as Vietnam's 14^th largest investor, with over 247 projects totaling more than $4.82 billion."

Mary Ng, Minister of Export Promotion, International Trade and Economic Development, emphasised Vietnam's importance to Canada in realising the specific goals of the Indo-Pacific Strategy.

"Canada highly values Vietnam's leading role in enhancing connectivity for trade and investment opportunities, as well as strengthening supply chains within the Indo-Pacific region," said Ng.

Furthermore, within the framework of the visit, Dien and Ng inaugurated the second meeting of the Vietnam-Canada Joint Economic Committee.

The meeting serves as a dialogue channel between the two governments to deepen comprehensive partnership relations, with economic cooperation being a crucial pillar.

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Canada eager to hike interest across Vietnam

Vietnam has been extensively expanding its trade and investment ties with Canada while taking the advantage of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership as a big leverage.

By Hoang Minh

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