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Vietnam and Canada further boost economic, trade, and investment ties

19/07/2023    133

Vietnam and Canada should further step up economic, trade, and investment links, suggested Minister of Industry and Trade Nguyen Hong Dien and Canadian Minister in charge of International Trade, Export Promotion, Small Enterprises and Economic Development Mary Ng at their recent meeting.

The meeting took place on the sidelines of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Commission meeting in Auckland, New Zealand, on July 16.

Dien noted that the cooperative relations between Vietnam and Canada have developed more comprehensively and effectively, especially since the CPTPP deal took effect in early 2019.

Vietnam has been the leading trade partner for Canada among ASEAN since 2015, while Canada is among Vietnam’s top 10 import partners.

Two-way trade turnover between the two countries reached US$7 billion in 2022, marking a rise of 16.5% compared to 2021.

Currently, Canada now makes up the third largest Vietnamese trading partner in the Americas, behind only the United States and Brazil.

However, the negative developments of the global economy have significantly affected economies around the world, including Vietnam and Canada. According to the latest statistics compiled by Vietnam Customs, their two-way trade turnover decreased by 14.7% in the first half of this year  compared to the same period last year.

Dien suggested that the two sides seek to iron out snags, making it easier for their business communities to cooperate and expand their markets.

The success of the first meeting of the Vietnam – Canada Joint Economic Committee in Vancouver in June 2022 can be considered an important step forward for economic, trade, and investment relations between the two countries, he stressed.

The Minister outlined that the two sides need to effectively exploit the important co-operation mechanism and make full use of the CPTPP.

Sharing Dien’s view, Ng affirmed that Canada always attaches importance to cooperative ties with Vietnam and it is keen to further promote cooperation with Vietnam in the field of economy, trade, and investment.

The Canadian Minister also expressed hope that Vietnam would be the leading trade partner for Canada in Southeast Asia, thereby serving as a bridge to connect Canada to other countries throughout the region.

At the meeting, the two ministers also agreed that both sides would further strengthen links with specific projects and action programmes in the near future, especially in the field of energy transition.

Source: VOV