Production, tech and investment ties between Vietnam-Canada to be deepened

Vietnamese and Canadian businesses still have great potential to exploit, therefore, the two countries need to connect in production, supply chains, and technology and brand investment to promote trade growth, said Minister of Industry and Trade Nguyen Hong Dien.

He made the remarks during a working session on October 27 with the Canadian Business Council, led by  its President and CEO, Mr. Goldy Hyder, on the sidelines of the 47th ASEAN Summit and related summits in Malaysia.

Vietnam and Canada are two economies with complementary export goods that mutually support each other. The CPTPP Agreement, to which both countries are members, has expanded market opportunities through tariff reductions, transparent procedures, and enhanced dialogue. The bilateral Joint Economic Committee framework has also been helping to remove obstacles, promote trade, and connect businesses.

Minister Dien also stated that Vietnam's economic growth rate is projected to reach 8% in 2025; and from 2026 onwards, Vietnam's economic growth rate will reach double digits. This is an ambitious goal, and therefore, Vietnam is opening up many policies to attract foreign businesses to cooperate and invest.

"Vietnam has a young, abundant workforce and strong purchasing power... this is a good opportunity for Canadian businesses to cooperate, invest, and expand their business," he said.

Mr. Hyder, for his part, emphasised that the CPTPP membership has helped deepen bilateral ties. He said the current level of trade cooperation is just the beginning, not the limit, and that both sides have ample room for further collaboration.

Hailing Vietnam's goal of expanding trade severalfold, he said Canada hopes to rise higher among investors in Vietnam and to work closely in the latter's priority areas such as energy and food security, technology and skilled workforce development.

The Canadian Business Council leader said he expected to further research ways to support digital transformation in education, as well as to enhance the skills of the workforce to better seize cooperation opportunities. At the same time, both countries are working to ensure that their labor markets are well-equipped to meet the digital transformation and the application of artificial intelligence.