Vietnam, Canada eye stronger economic cooperation
Vietnamese Deputy Minister of Industry and Trade Do Thang Hai and Chief Trade Commissioner and Assistant Deputy Minister Sara Wilshaw at Global Affairs Canada signed a Memorandum of Understanding (MoU) on establishing a joint economic committee (JEC) between the two countries on January 11.
Addressing the online signing ceremony, Canadian Minister of Small Business, Export Promotion and International Trade Mary Ng affirmed that Canada recognises the growing importance of creating trade opportunities with Vietnam and the Indo-Pacific region for its supply chain, long-term economic growth, and competitiveness.
Businesses and labourers in both countries will benefit from strong and diverse supply chains with the support of the JEC, she said.
Global Affairs Canada (GAC) said in a statement that “To drive a strong, sustainable, and inclusive economic recovery, the Government of Canada is committed to strengthening the country’s international trade ties with fast-growing markets, such as Vietnam’s”.
Vietnam is not only an important global trading partner of Canada but also a dynamic economic player in the Indo-Pacific, it noted.
By establishing the JEC, the Government of Canada is advancing trade diversification in the region basing on the success of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and collaboration through the Asia-Pacific Economic Cooperation (APEC) forum, as well as advancing free trade negotiations between Canada and the Association of Southeast Asian Nations (ASEAN), of which Vietnam is a member.
The MoU will provide a platform to improve dialogue and collaboration on shared and emerging priorities with Vietnam which is Canada’s largest trading partner in ASEAN, the statement said.
It is hoped to help deepen the Canada-Vietnam bilateral relationship, enhance Canada’s presence in the Indo-Pacific and create opportunities for Canadian businesses to scale up and grow internationally, it added.
Despite complicated developments of the COVID-19 pandemic, two-way trade between Vietnam and Canada hit approximately US$5.4 billion in the first 11 months of 2021, representing a year-on-year increase of 16.6%.
By November 2021, Canada was the 14th biggest foreign investor in Vietnam with 231 projects worth US$4.81 billion, mainly in the areas of hotel service, insurance, and renewable energy.