On the sidelines of the 47th ASEAN Summit in Kuala Lumpur, Minister of Industry and Trade Nguyen Hong Dien met with Canada’s Minister of International Trade Maninder Sidhu to discuss ways to strengthen bilateral economic, trade and investment cooperation, and to enhance coordination within regional and global frameworks such as ASEAN - Canada, CPTPP and the WTO.

Promoting bilateral economic, trade and investment cooperation

The two ministers spoke highly of the sound political and diplomatic relations between Vietnam and Canada, while noting that bilateral economic and trade ties, though progressing positively, remain below their full potential.

They agreed to enhance economic, trade and investment cooperation, aiming to raise two-way trade by 1.5 times within the next three to five years, in line with the orientations set out by Prime Minister Pham Minh Chinh and Canadian Prime Minister Mark Carney during their bilateral meeting on October 26 in Kuala Lumpur.

Minister Dien affirmed that Vietnam welcomes and facilitates Canadian enterprises to invest and operate in the country, and expressed hope that Canada would likewise support Vietnamese businesses investing and doing business in Canada.

Minister Sidhu commended Vietnam’s efforts to improve its investment and trade environment, emphasizing that Canada values a stable, rules-based and reliable trade partnership. He also introduced Canada’s Major Projects Office, a mechanism to attract investment in strategic energy and mineral sectors, and invited Vietnamese companies, including PetroVietnam, to explore partnership opportunities in Canada.

Enhancing regional and multilateral cooperation

Both sides shared the view that the early conclusion and signing of the ASEAN - Canada Free Trade Agreement (FTA) by 2026 is of great importance, as it will help deepen regional economic integration and open broader market access for businesses on both sides.

Regarding the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the two ministers reaffirmed their commitment to maintaining the agreement’s high standards, stressing that expansion of membership should be approached prudently and on the basis of consensus. They also discussed the potential for closer linkages between the CPTPP and the European Union (EU) to enhance supply chain resilience and promote rules-based trade.

Minister Dien informed his counterpart that Vietnam will assume the CPTPP Chairmanship in 2026 and expressed hope for Canada’s support and input in setting the theme and priorities for the Chairmanship year, particularly the proposed CPTPP - EU connectivity initiative.

The two ministers also exchanged views on WTO reform, agreeing that the organization must undergo substantive changes to improve its effectiveness and reflect the realities of global trade. They pledged to coordinate closely ahead of the WTO Ministerial Conference scheduled for March 2026.

Expanding cooperation in energy and high-tech industries

Minister Sidhu underlined Canada’s potential for energy cooperation, noting that Canada exported its first liquefied natural gas (LNG) shipment to Asia in July 2025, a milestone that opens new avenues for collaboration with regional partners, including Vietnam.Minister Dien appreciated Canada’s progress in clean energy and advanced technologies, and agreed with Minister Sidhu on identifying energy, aerospace and high-tech industries as promising areas for future cooperation between the two countries.

Both ministers committed to maintaining regular exchanges and working-level visits to promptly address challenges, concretize agreed cooperation areas, and further strengthen economic and trade partnership between Vietnam and Canada.