Canadian businesses are focusing on the vibrant Vietnam market for trade expansion. The Export Development Canada (EDC), together with the Vietnamese Trade Office in Canada, orchestrated a seminar to delve into Vietnam’s economic dynamics and its crucial function within the global supply framework.
This endeavor precedes a notable visit by a Canadian business delegation to Vietnam, signifying an effort to strengthen bilateral trade ties. Vietnam stands as Canada’s premier trading ally within the Association of Southeast Asian Nations (ASEAN), with bilateral trade approaching $10.37 billion in 2023. The nation also plays a vital role in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), facilitating access for Canadian products and services to both Vietnamese and ASEAN markets.
George Monize, EDC’s Vice President for the Indo-Pacific, underscored the seminar’s role in enabling Canadian enterprises to penetrate the Vietnamese market. This event signals Canada’s strategic ambition to broaden its trade alliances and solidify its stance in the Indo-Pacific domain.
Scheduled for March 27-29, a delegation of 150 Canadian businesses, under the leadership of Minister of Export Promotion, International Trade, and Economic Development Mary Ng, will journey to Vietnam. This delegation, the inaugural business group organized in 2024 by the Canadian Government, aligns with the 2.3-billion-CAD Indo-Pacific Strategy. The strategy aims at scouting new markets and fortifying supply chain bonds.
Minister Mary Ng conveyed her anticipation for the visit, focusing on the prospects for Canadian enterprises to penetrate and leverage emerging markets such as Vietnam. This initiative is anticipated to cement supply chain linkages, thereby facilitating economic cooperation and mutual advancement for both Canada and Vietnam.
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