Breakthrough in Vietnam-Canada trade, investment cooperation

Vietnamese Minister of Industry and Trade Nguyen Hong Dien has a working session with Canadian Minister of Export Promotion, International Trade and Economic Development Mary Ng

Vietnam’s role in Canada’s Indo-Pacific Strategy

Canadian Minister of Export Promotion, International Trade and Economic Development Mary Ng, along with a Canadian business delegation consisting of nearly 250 members from approximately 200 enterprises in the fields of agriculture-food, technology-clean energy, healthcare, and information technology, visited Vietnam from March 26-29.

On the morning of March 27, Minister Nguyen Hong Dien received and held a working session with Minister Mary Ng. During the meeting, Minister Mary Ng said that Canada values Vietnam’s central role in implementing its Indo-Pacific Strategy (IPS) and desires to enhance and deepen economic and trade cooperation with Vietnam and other countries in the region.

Minister Nguyen Hong Dien highly appreciated the attention of the Canadian government and businesses towards the development of economic, trade, and investment cooperation with Vietnam in recent times. Like Canada, Vietnam has an open economic policy and actively participates in global supply chains. Vietnam currently has trade relations with 224 partners and cooperation relations with over 300 international organizations. Vietnam has signed more than 90 bilateral trade agreements and nearly 60 investment encouragement and protection agreements. Vietnam has negotiated, signed, and implemented 18 bilateral and multilateral free trade agreements (FTAs) with most major economies worldwide. Among them, 16 FTAs have taken effect with over 60 partners from all continents.

Vietnamese Minister of Industry and Trade Nguyen Hong Dien (right) and Canadian Minister of Export Promotion, International Trade and Economic Development Mary Ng

Minister Nguyen Hong Dien hopes that Vietnam and Canada will serve as good bridges connecting each other to the ASEAN region, the Asia-Pacific, and the Americas, as well as in global supply chains. He said that the two countries should maintain coordination within existing cooperation mechanisms, support each other in multilateral organizations and forums such as WTO, APEC, CPTPP, the Francophonie community, as well as prepare to leverage upcoming cooperation mechanisms that both countries are members of, such as Canada-ASEAN, and especially the newly established Vietnam-Canada Joint Economic Committee.

Both ministers agreed that the Joint Economic Committee is an effective high-level dialogue mechanism between the two governments to promote trade, investment, and new opportunities between the two countries. They discussed various areas of cooperation, such as energy transition, and measures to support and facilitate businesses’ operations in each other’s markets. Minister Nguyen Hong Dien proposed that both sides promote cooperation in sectors represented by the Canadian business delegation during this visit, as well as other potential areas, such as digital economy, green economy, high technology, and foundational industries. Energy is an area with great potential for cooperation, and both sides pledged to advance the implementation of their energy transition commitments made at COP26.

Deepening comprehensive partnership

On the same day, Minister Nguyen Hong Dien and Minister Mary Ng inaugurated the Second Meeting of the Vietnam-Canada Joint Economic Committee.

Minister Nguyen Hong Dien receives Goldy Hyder, President and Chief Executive Officer of the Business Council of Canada

During the Meeting, Minister Nguyen Hong Dien affirmed that the cooperative relationship between Vietnam and Canada has progressed significantly in many areas, especially since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), of which both Vietnam and Canada are members, came into effect. Trade and investment exchanges between the two countries have seen positive growth.

Vietnamese Deputy Minister of Industry and Trade Phan Thi Thang and Canadian Deputy Minister of International Trade Rob Stewart co-chaired and presided over the Second Meeting of the Vietnam-Canada Joint Economic Committee.

The agenda of the meeting covered various areas, including trade, investment, agriculture, energy, finance, customs, science and technology, education and training, energy transition policies, as well as Vietnam’s proposals aimed at achieving the goal of net-zero emissions committed at COP26.

Vietnamese Deputy Minister of Industry and Trade Phan Thi Thang (right) and Canadian Deputy Minister of International Trade Rob Stewart sign the Joint Statement of the Second Meeting of the Vietnam-Canada Joint Economic Committee

Notably, meeting participants included the private sectors from both countries, representatives of the Business Council of Canada (BCC), the ASEAN-Canada Business Council (CABC), the Vietnam Chamber of Commerce and Industry (VCCI), and member companies. These organizations put forth proposals for the two governments to create favorable conditions for strong and effective trade and investment cooperation in the future.

Concluding the meeting, Deputy Minister Phan Thi Thang, and Deputy Minister Rob Stewart signed a joint statement in the presence of representatives from relevant ministries, sectors, associations, and businesses of both sides.

Creating breakthrough

During the visit of Minister Mary Ng and the Canadian business delegation, the Vietnamese Ministry of Industry and Trade organized a Vietnam-Canada Business Dialogue, co-chaired by Vietnamese Deputy Minister of Industry and Trade Phan Thi Thang and Canadian Deputy Minister of International Trade Rob Stewart.

Officials attending the Vietnam-Canada Business Dialogue - Photos: Can Dung

Deputy Minister Phan Thi Thang emphasized that this business dialogue provided an opportunity for policymakers from both countries to listen to businesses sharing their cooperation plans, challenges, and barriers encountered when engaging in cross-ocean business operations.

Deputy Minister Rob Stewart also noted that this was a good opportunity for businesses from both countries to gain a better understanding of the market, challenges, and opportunities that need to be seized. This understanding would enable them to utilize the cooperative mechanisms and support provided by the two governments. Deputy Minister Stewart affirmed that Canadian businesses are ready to explore new cooperation opportunities and collaborate with Vietnamese enterprises in areas where both sides have strengths.

Connecting businesses

Also on March 27, Minister Nguyen Hong Dien received a delegation from the Business Council of Canada, led by President and Chief Executive Officer Goldy Hyder.

Minister Nguyen Hong Dien, Deputy Minister Phan Thi Thang and other Vietnamese officials

In order to promote bilateral trade growth, Minister Nguyen Hong Dien proposed that the Business Council of Canada maximize its role in connecting businesses and promoting investment and cooperation between the Canadian and Vietnamese business communities.

Minister Nguyen Hong Dien emphasized that Vietnam would serve as a bridge for Canadian businesses to diversify supply chains and increase their presence in the Vietnamese market, as well as to access the ASEAN market with a population of over 680 million people.

Goldy Hyder congratulated Vietnam on its socioeconomic development achievements. He acknowledged the improving business environment and recognized Vietnam’s important role as a key production center in the global supply chain. Goldy Hyder affirmed that Canadian businesses are ready to explore new cooperation opportunities and collaborate with Vietnamese enterprises in areas where both sides have strengths.