Vietnam, Canada seek stronger economic and trade ties

Minister of Industry and Trade Nguyen Hong Dien hosted a reception for Canadian Ambassador to Vietnam Deborah Paul on February 28 who came to bid adieu before ending her working term in the country.

During the meeting, Minister Dien congratulated the Canadian Ambassador on a successful term and noted her role in making positive contributions to promoting ties of friendship and greater co-operation between the two sides, especially in terms of economics, trade, and investment.

Regarding trade co-operation, Minister Dien hailed the results achieved by the two sides in the past, despite the impacts of the COVID-19 pandemic, whilst also emphasizing the market attractiveness and the supplement of the two economies. This is along with the opportunities that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) bring to the economic, trade, and investment ties between the two countries.

However, current bilateral trade exchanges remain commensurate with both nations’ full potential. Indeed, Vietnam boasts great potential for boosting exports of key products such as garments and textiles, footwear, agricultural products, and furniture to the Canadian market. On the other hand, Canada represents a reliable manufacturer of machinery, equipment, and raw materials for industrial production.

Moving forward it can be viewed as important for the two sides to redouble efforts to remove obstacles and create the best possible conditions in which businesses can access and exploit each other's markets.

As part of the occasion, Minister Dien also expressed concern about the recent increase in trade remedy measures that Canada has applied to Vietnamese goods, requesting that the Canadian side conduct trade remedy investigations into Vietnamese products in an objective and fair manner in accordance with the regulations of the World Trade Organization (WTO).

Minister Dien added that the Ministry of Industry and Trade has been devising policies and carrying out tasks and solutions to promote the structural transformation of the energy industry and bring into full play internal resources, while simultaneously bolstering co-operation and support from development partners, including Canada, not only in terms of investment capital but also in industrial and technical transfer.

In response, Ambassador Paul expressed her satisfaction at the positive results in friendship, economic, and trade co-operation between the two countries within the bilateral and multilateral frameworks achieved during her term of office in Vietnam. She emphasized that co-operation between the private businesses of the two countries is growing across multiple fields such as agriculture, biodiversity conservation, and green energy.

The Ambassador affirmed that Vietnam is Canada's leading trading partner in the region, with the North American nation keen to create closer co-operation with the country in the process of negotiating the ASEAN-Canada Free Trade Agreement.

The Canadian diplomat also expressed her pleasure at the establishment of the Vietnam - Canada Joint Economic Committee, suggesting that both sides work closely to organise the first meeting of the Committee as soon as possible.

Relevant Canadian agencies have been and will be co-ordinating with the Ministry of Industry and Trade and competent Vietnamese agencies in promoting and creating conditions for the business communities of the two countries to augment investment and business co-operation.

She went on to outline her belief that moving forward, no matter what position she will take up, the Ambassador will continue to pay close attention to and contribute to the friendship and co-operation between the peoples of Vietnam and Canada. This will serve to deepen the ever-growing comprehensive partnership between the two countries.