Vietnam and Canada sketch out new economic cooperation framework

In his speech, Vietnamese Minister of Industry and Trade Nguyen Hong Dien affirmed that cooperation between Vietnam and Canada has yielded positive results in various fields in recent times.

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 grown considerably, he noted.

According to the minister, the two countries hold great potential for stronger cooperation as the two economies are closely complementary to each other.

The Vietnam – Canada Joint Economic Committee therefore plays an important role in promoting bilateral cooperation in economics, trade, investment, agriculture, science and technology, stressed Dien.

At the same time, he said the committee will help strengthen the supply chain between the two countries, through jointly reviewing cooperation, removing obstacles and identifying solutions as well as figuring out cooperation orientations for prioritized areas.

In response, Canadian Minister of Export Promotion, International Trade and Economic Development Mary Ng appreciated Vietnam’s leading position in Canada’s Indo-Pacific Strategy (IPS) unveiled in November 2022.

She said she was leading a mission of nearly 200 Canadian businesses to Vietnam from March 26 to 29, with a view to increasing connection to trade and investment opportunities, and strengthening supply chain with Vietnam to concretize the goals of the IPS.

Shortly after that Vietnamese Deputy Minister of Industry and Trade Phan Thi Thang and Canadian Deputy Minister of International Trade Rob Stewart co-chaired the second meeting of the Joint Economic Committee.

The meeting spanned various fields such as trade, investment, agriculture, energy, finance, customs, science and technology, education and training, energy transition policy, as well as Vietnam’s proposals towards the goal of implementing net zero emissions commitments at COP26.

Notably, the meeting was attended by representatives of the private sectors of the two countries, including the Business Council of Canada (BCC), the ASEAN - Canada Business Council (CABC), and the Vietnam Chamber of Commerce and Industry (VCCI). They proposed that the two Governments create conditions to promote stronger and more effective trade and investment relations in the coming time.

The Vietnam - Canada Joint Economic Committee was established in January 2022 and held its first meeting in Vancouver in July 2022. This is a non-legally binding mechanism dedicated to advancing trade and economic cooperation between the two countries.

This mechanism, which is co-chaired at the Deputy Minister level, provides an ongoing opportunity to discuss current and emerging trade and commercial issues. It is a key contribution to stronger economic and trade ties between Canada and Vietnam, and a key component of the Comprehensive Partnership.