Vietnam and Canada sign initiative to support inclusive and sustainable trade

Deputy Minister Phan Thi Thang and Deputy Minister Arun Thangaraj signed a Joint Statement. Photo: MoIT

The third meeting of the Vietnam-Canada Joint Economic Committee took place in Ottawa, Canada on June 5, under the co-chairmanship of Phan Thi Thang, Deputy Minister of Industry and Trade of Vietnam, and Arun Thangaraj, Deputy Minister of Global Affairs Canada.

Against the backdrop of continued volatility in the global economy, the restructuring of global supply chains and growing demands for economic breakthroughs, energy security and sustainable development, both sides reaffirmed the important role of the Joint Economic Committee mechanism in advancing bilateral cooperation and deepening the Vietnam – Canada Comprehensive Partnership established in 2017.

Deputy Minister Thang said, “Economic ties between Vietnam and Canada had continued to develop in a positive and substantive manner. Bilateral trade reached nearly $8.6 billion in 2025, maintaining strong momentum since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) entered into force.”

Vietnam’s exports to Canada rose by 18.2 per cent in 2025 to $7.5 billion and expanded by 25 per cent in the first four months of 2026. Meanwhile, Canada’s exports to Vietnam increased by 24 per cent in 2025 and surged by 62 per cent on-year in the four months of 2026. The results reflect the increasingly complementary nature of the two economies and the effectiveness of efforts to strengthen bilateral trade and investment cooperation.

Deputy Minister Thangaraj spoke highly of the positive progress in bilateral economic relations and affirmed that Vietnam was Canada’s largest and fastest-growing trading partner in Southeast Asia.

“Canada would like to expand cooperation with Vietnam in trade, investment, supply chains, critical minerals, clean energy, innovation and infrastructure," he said.

During the meeting, the two sides reviewed the state of bilateral economic cooperation and agreed to focus on three priorities. Accordingly, the two sides will diversify trade and investment, maximise the benefits of the CPTPP, support an open trading system and accelerating negotiations on the ASEAN-Canada Free Trade Agreement.

The two sides agreed to strengthen cooperation in strategic industries, including critical minerals, high technology, innovation, digital transformation and strategic supply chains. This is coupled with expanding cooperation in energy, infrastructure and green growth, including clean energy, liquefied natural gas, logistics, digital infrastructure and sustainable development.

At the conclusion of the meeting, Deputy Minister Thang and Deputy Minister Thangaraj signed a Joint Statement, adopted Action Plans for 2026-2028 and agreed to hold the fourth meeting of the Joint Economic Committee in Vietnam in 2028.

The third meeting reaffirmed the determination of both Vietnam and Canada to strengthen economic cooperation, deepen the Comprehensive Partnership and lay the groundwork for a new phase of bilateral relations in the years ahead.

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