Vietnam - Canada advance energy cooperation

Your Excellency, having recently taken up your post in Vietnam, how do you assess the current state of economic and trade cooperation between Vietnam and Canada, and what key areas do you see as priorities for future cooperation in the coming years?

Well, thank you very much for this invitation to speak with Vietnam Economic Times readers and viewers.

It is a great opportunity to speak with our Vietnamese friends about the excellent relationship that we have between Canada and Vietnam. In fact, the bilateral economic relationship between Canada and Vietnam has been growing by leaps and bounds0growing very rapidly, actually.

Over the last four or five years, we have doubled our bilateral trade. Even just this past year, in 2025, bilateral trade between Vietnam and Canada increased by a little more than 30 percent, which is quite remarkable. According to Canadian trade statistics, we now have a bilateral two-way trade relationship worth $ 20.6 billion.

I should point out that Vietnam has a clear advantage in that bilateral trading relationship. For every one billion dollars that Canada exports to Vietnam, Vietnam exports some nineteen billion dollars of merchandise goods to Canada. So clearly, Canada is a very good trading partner for Vietnam. We buy a great deal of merchandise goods from Vietnam.

At the same time, with the rapid growth of the Vietnamese economy-one of the fastest-growing economies in the world-and with an expanding middle class that has increasing purchasing power and appetite for higher-quality goods, we see many opportunities for Canadian exporters as well.

With our natural resources, our agricultural products, and other high-quality products, we believe there is much that Vietnamese consumers would also value.

Of course, Canada also relies on many supplies from Vietnam for industries back home. So this is a mutually beneficial relationship.

This relationship is grounded in our Comprehensive Partnership, which we have enjoyed since 2017, when that partnership was established, and also in our joint membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the CPTPP. These elements have really bound us together economically as reliable partners.

I think some of your viewers may have heard Canada’s Prime Minister, Mark Carney, speak recently-for example at Davos-about the importance of middle powers such as Vietnam and Canada, and like-minded economies of our size, working together to uphold international trading rules and a rules-based economic order.

This is particularly important for exporting countries such as Vietnam and Canada, where we depend heavily on the international economy. Some practical steps we are taking in that regard include Vietnam’s role this year as Chair of the CPTPP.

Our Prime Minister has sent his Special Envoy for Europe to engage with Vietnamese leaders and officials about how we can link the economies of the CPTPP with European economies-countries that share an interest in a rules-based approach to trade and investment.

We are also encouraged by the ongoing negotiations between ASEAN and Canada for a free trade agreement, which we hope may conclude perhaps this year.

That too would help realize the idea of middle powers with a vested interest in a rules-based trading system working together.

Finally, I would simply say that Canada will be a reliable trading partner for Vietnam. We have mutual interests in trade, investment, innovation, and I believe there is much more that we can do together.

Your Excellency, could you briefly share an overview of Canada’s oil and gas industry-its development, current position, and global role today?

Certainly. For Canada, some of the priority areas where we see cooperation with Vietnam include sectors that have been identified by both Vietnamese leadership and Canadian leadership.

Clearly, energy is one of the most important areas-energy security, energy sovereignty, and the commitment we both share to reduce emissions as we move toward a net-zero world.

Canada today is one of the world’s major energy producers. We are the fourth-largest producer of crude oil in the world and the fifth-largest producer of natural gas. Canada therefore plays an important global role in conventional energy markets. At the same time, our strategic direction is not only to remain a reliable supplier of conventional energy, but also to support the global energy transition through cleaner production, lower emissions technologies, LNG development, carbon capture, and advanced clean technologies.

We also see strong opportunities with Vietnam in aviation and aerospace, technology and innovation, information and communications technologies, clean technologies, education, agriculture, and agri-food products. These are all priority areas where both Canadian and Vietnamese leadership see opportunities to mutually grow our economies.

Canada is emerging as a major LNG supplier globally. What strengths does Canada bring to partners like Vietnam? And Could you share more details about LNG transportation from Canada to Vietnam, including timelines and logistical advantages? And how could this impact Vietnam’s energy security?

Thank you very much. Perhaps I will address directly Canada’s LNG strengths and the advantages that this could offer Vietnam. But first, let me note again that Canada is the fourth-largest producer of crude oil in the world and the fifth-largest producer of natural gas.

Canada is truly a global energy superpower in conventional energy. Historically, most Canadian crude oil and gas exports have gone to the United States. However, we recognize that globally there is increasing demand for more energy, more energy security, and more reliable energy partners. Canada therefore wants to play that broader role globally as well.

In recent years, Canada has been developing domestic infrastructure that allows us to deliver energy to Asian markets. For example, in May 2024, Canada brought online the Trans Mountain Expansion Pipeline. This carries Canadian crude oil from the province of Alberta in western Canada to the Pacific coast of British Columbia for shipment to Asia.

We have already begun shipping crude oil to Asian countries, particularly China, Japan, South Korea, and Northeast Asia more broadly. We are currently shipping approximately 890,000 barrels per day to the Pacific coast and Asian markets. Within roughly the next year, that capacity should nearly double to around 1.7 million barrels per day.

On the LNG side, Canada has only recently developed infrastructure to export LNG directly to Asia. As I mentioned earlier, much of our natural gas had previously been used domestically or exported to the United States.

But there is now clear global demand for Canadian LNG. In June 2025, the first LNG facilities on the British Columbia Pacific coast began shipping LNG to China, Korea, Japan, Taiwan, and the Philippines. Current export capacity is around 14 million tonnes per year. That capacity will double next year to approximately 28 million tonnes per year.

This is only the beginning of Canada’s LNG export story. We currently have two more LNG facilities under construction that are expected to come online in 2026 and 2027, along with several additional projects under review.

LNG has significantly lower emissions than many conventional fuels. Canada’s LNG currently produces approximately 60 percent lower emissions than the global average. With new facilities, improved technologies, and the use of hydropower and renewable electricity to operate LNG plants, Canadian LNG could reach emissions levels around 90 percent lower than the global average. That represents a very clean transition energy source.

For Vietnam specifically, it is clear that Vietnam is seeking secure and stable energy supplies. Vietnam is also seeking cleaner energy sources and replacing coal over time. Canada can be that reliable supplier.

Not only is the supply available, but there are also strong logistical advantages.

One of the major advantages of LNG exports from Canada is shipping time: from British Columbia (Canada) to Vietnam approximately 15 days and from the U.S. Gulf Coast to Vietnam approximately 30 days. So shipments from Canada take roughly half the time. That means lower shipping costs. It is also a safer and more secure route. Canadian LNG travels directly across the Pacific Ocean.

Alternative supply routes may involve the Panama Canal, which can be a chokepoint, or sensitive geostrategic routes such as the Strait of Hormuz or the Strait of Malacca. So not only is shipping faster and more cost-effective, it is also strategically more secure.

As Vietnam looks to diversify energy sources and secure cleaner transition fuels, Canada could be a very strong partner.

Is Canada ready to engage in long-term LNG supply agreements with Vietnam?

Yes. As Canada develops its energy resources for export to Asia, one of the things we are particularly interested in is building long-term partnerships. We are looking for stable, reliable, and enduring partnerships. Of course, there is the opportunity for Vietnam to purchase LNG or other Canadian energy products through long-term supply arrangements. But there is also another important opportunity: Vietnam can participate directly in LNG projects in Canada. As I mentioned earlier, several LNG projects are under development in Canada, and we welcome foreign investment in those projects. Currently, some Asian investors have already taken equity stakes in Canadian LNG resources in order to secure long-term access to supply and establish strategic energy partnerships.

These include: PetroChina, Petronas of Malaysia, Korea Gas Corporation, Japanese investors and trading houses. So we already have a number of Asian partners who have invested in Canadian LNG. That is exactly the kind of long-term partnership model we value.

What Canada is looking for is a stable and reliable partnership, and there are different ways Vietnam can participate in that partnership: Through long-term purchase agreements; Through equity investment in Canadian LNG projects; Through broader strategic cooperation in energy trade and infrastructure.

From the Embassy of Canada, we are always happy to help make introductions and facilitate discussions so that Vietnam can connect with the right partners and decision-makers.

 Do you see opportunities for PetroVietnam to invest in upstream oil and gas projects in Canada? If so, could you elaborate on possible cooperation models?

Yes, certainly. I believe there are many opportunities as Canada continues to develop its LNG sector as well as oil and gas infrastructure more broadly. Canada welcomes foreign investment. Canada is a safe, transparent, and reliable investment environment.

For foreign companies and foreign countries that wish to invest in Canada, it is a very secure jurisdiction with strong rule of law, transparency, and attractive long-term returns. Let me give you an example. I mentioned Petronas of Malaysia earlier.

In Canada’s first major LNG project exporting to Asia, Petronas has taken a 25 percent stake. That is a very concrete example of how international participation can work.

PetroChina has also invested. Korea Gas has also invested. So Canada already has a proven track record of welcoming foreign investment in upstream gas assets, LNG facilities, and broader energy development. We welcome those investments. Indeed, such partnerships are important for developing natural resources at the scale required by growing global demand.

To give you an idea of the scale, the current stock of foreign investment in Canada’s energy sector today is approximately $ 157 billion. So Canada is very open to that type of partnership.

We would be more than happy to facilitate introductions for PetroVietnam, EVN, or any other Vietnamese stakeholders interested in participating in the development of Canadian energy resources. That could be an important contribution to Vietnam’s long-term energy security going forward.

Finally, what message would you like to convey to Vietnamese businesses and policymakers regarding cooperation with Canada in the energy sector?

Canada, as I said earlier, is an energy superpower. We have conventional energy resources. We have renewable energy. We have clean technologies that help reduce emissions. We are doing significant research and development in the energy field. We have highly experienced companies operating across the sector. And, of course, we have substantial natural resources to share with the world.

As Vietnam’s economy continues to grow rapidly, as manufacturing capability rises to higher levels, and as demand for energy continues to increase, I believe we should work together on reliable, secure, and clean sources of energy for Vietnam’s future. Canada could be a very strong partner for Vietnam in this regard.

We look forward to continuing discussions with the Government of Vietnam, private companies, and other interested stakeholders. Whether in: oil and gas, LNG, carbon capture, utilization and storage, renewable energy, conventional nuclear power, small modular reactors. I believe we can build a mutually beneficial partnership.