March 31, 2024 | 08:42 GMT+7

Canada's Minister of Export Promotion Eyes Expanding Trade Horizons in Vietnam

Leon Pheek -

Ms. Mary Ng discusses the burgeoning trade ties between Canada and Vietnam, highlighting opportunities and strategies for deeper cooperation.

Ms. Mary Ng, Canadian Minister of Export Promotion, International Trade and Economic Development
Ms. Mary Ng, Canadian Minister of Export Promotion, International Trade and Economic Development

Could you outline the significant milestones in the collaborative relationship between Vietnam and Canada over the past five years since the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)?

The trade figures vividly illustrate the success of our cooperation since the inception of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

In 2023, bilateral trade reached $14 billion USD, with Canada's exports to Vietnam hitting $776 million USD. These numbers underscore a remarkable surge in trade between our nations post-CPTPP.

Presently, Vietnam stands as Canada's largest trading partner in the ASEAN region, a testament to the strength of our ties.

What opportunities do Vietnamese businesses have in investing in Canada? Which sectors hold the most promise for investment in the Canadian market?

Canada and Vietnam share not just robust trade links but also a deeply amicable relationship. A significant factor contributing to this bond is the thriving Vietnamese Canadian community, numbering over 270,000.

I've had the privilege of engaging with Vietnamese Canadians, who consider Canada both their homeland and a second home, serving as vital connectors fostering friendship and trade between our countries.

Moreover, the CPTPP has unlocked vast potential for Vietnamese businesses seeking to export to Canada, particularly in expanding sectors like technology, renewable energy, and manufacturing.

In which specific areas does Canada see potential for deeper collaboration with Vietnam beyond conventional trade sectors, particularly in industry and energy, including supporting industries, mechanics, and renewable energy?

Canada and Vietnam prioritize collaboration in areas of mutual interest and shared values, such as food security, energy sustainability, and the transition to green energy.

Our recent visit witnessed groundbreaking partnerships, including Canadian firms aiding in wastewater treatment in the Mekong Delta region and technology transfers to enhance energy efficiency.

Additionally, joint initiatives in carbon capture, storage, and utilization underscore our commitment to fostering green growth and sustainable development.

Could you elaborate on Canada's Indo-Pacific Strategy and its potential to unlock new opportunities for both nations, distinct from what the CPTPP has achieved thus far?

Mary Ng: Canada's Indo-Pacific Strategy represents a $2.3 billion CAD investment aimed at bolstering our presence in the region, with Vietnam emerging as a crucial partner.

We are actively pursuing a Free Trade Agreement (FTA) with ASEAN, signaling our intent to deepen commercial engagement in the region. Establishing trade offices and gateways underscores our commitment to expanding ties.

The forthcoming opening of a Canadian Export Promotion Agency office in Ho Chi Minh City further signifies our dedication to enhancing collaboration with Vietnam.

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