Vietnam has significantly broadened its trade and investment connections with Canada, capitalizing on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as a substantial advantage.
The Vietnamese Trade Office in Canada reported just over a week ago that the Canadian government plans to dispatch its largest-ever business delegation to Vietnam in pursuit of trade and investment opportunities.
Headed by Canadian Minister of Small Business, Export Promotion, and International Trade Mary Ng, the delegation is scheduled to visit Vietnam at the end of March next year. Their focus will be on exploring collaboration opportunities in various sectors, including processed foodstuffs, biomedicine, clean energy, new technology, IT, innovation, and aviation tech.
Currently, the Canadian authorities are coordinating with relevant ministries, sectors, and localities in Vietnam to prepare for trade and investment events between Canada and Vietnam. Anticipated are numerous meetings between Vietnamese and Canadian companies.
This business delegation to Vietnam marks the second organized by the Canadian government, following the initial one with 160 companies in Japan last November. It aligns with Canada’s Indo-Pacific Strategy, where ASEAN is recognized as a key global partner, with plans to sign a free trade agreement by the end of 2024.
According to the Vietnamese Ministry of Industry and Trade, the Canada-Vietnam trade turnover exceeded $10 billion last year, doubling the pre-2018 figure before the CPTPP came into effect. In the first 11 months of 2023, the trade volume reached $5.17 billion, with Vietnamese exports accounting for $4.67 billion and imports totaling $505 million.
Minister Mary Ng emphasized that Vietnam remains an attractive market for Canada. During their visit, leaders of Canadian companies will engage with the Vietnamese government, business associations, and companies to address policy issues and explore opportunities under existing free trade agreements and mechanisms between the two economies. Discussions will encompass investment prospects, goods sales, and the expansion of supply chains into Vietnam.
Vietnam is eagerly anticipating increased investments from Canada and strengthened trade relations, with the CPTPP being a pivotal driver for economic, trade, and investment ties between the two nations. The CPTPP, effective for Canada in 2018 and for Vietnam in 2019, prompted the establishment of a joint economic committee between the two countries last year. The committee’s second meeting is scheduled for March 2024, offering a platform to discuss emerging trade and investment matters.
