Canada promotes trade and investment with Vietnam through Indo-Pacific Strategy

The event is taken place as part of a broad range of activities marking the 50th anniversary of diplomatic relations between Vietnam and Canada which began in 1973.

In his opening speech, Canadian Parliamentary Secretary to the Minister of Export Promotion, International Trade and Economic Development Maninder Sidhu said he was delighted to participate in discussions on measures which seek to help both sides strengthen and take full advantage of opportunities in trade and investment relations.

According to him, this represents a good time for Canada, particularly as the North American country and ASEAN have just upgraded their strategic partnership and are accelerating a free trade agreement (FTA).

Furthermore, the Vietnamese side is currently considered an important partner of Canada in the regional bloc and is also among the leading destination for Canadian goods in the region, with a growth rate of 7% over the past 30 years.

The country is also regarded as a gateway for Canadian firms to enter ASEAN, he said, adding that people-to-people exchanges and the Vietnamese community in Canada, which is currently about 300,000 people, are creating great interest among Canadian businesses.

In the near future, a delegation led by Canadian Trade Minister Mary Ng is due to visit the nation, with this indicating the importance of the nation as part of Canada's international relations, especially as Canada is implementing the Indo-Pacific strategy worth CAD2.3 billion, more than US$1.67 billion.

Corie McDougall, assistant deputy minister of the Ontario Ministry of Economic Development, Job Creation and Trade, stated that Ontario province's export turnover to the nation in 2022 reached CAD173 million, more than double compared to 10 years ago.

Ontario's demand for imported Vietnamese goods also continues to increase, with Ontario importing nearly CAD7.3 billion of goods from Vietnam last year. This figure was double the import level compared to five years ago and increased 10 times compared to 2012.

Vietnamese Ambassador to Canada Pham Vinh Quang said that the CPTPP brings new opportunities to improve both side’s economic, trade, and investment relations.

By taking advantage of free trade agreements, particularly the CPTPP, the two sides can exploit the potential of the dynamic region and have the foundation for common growth.

Ontario province makes up to 40% of Canada's GDP and is also home to large corporations and investment funds.