Canadian Minister of Export Promotion, International Trade, and Economic Development, Mary Ng, recently spotlighted Vietnam as an essential market for Canadian enterprises, following her productive visit aimed at deepening bilateral trade relationships.
This announcement reflects the burgeoning trade relations between the two nations, underscored by the participation of 168 Canadian firms in various sectors such as agriculture, food processing, clean technology, and digitalization, among others. These industries represent pivotal areas for Canada, seeking to capitalize on the vast opportunities Vietnam offers.
The success of this bilateral cooperation partly stems from both nations’ membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), with trade turnover reaching $14 billion last year, including $776 million from Canadian exports. This growth post-CPTPP signifies the strengthening economic bonds between Canada and Vietnam.
With Vietnam’s middle class projected to encompass 26% of its population by 2026, the nation emerges as an attractive market for Canadian businesses. Minister Ng expressed optimism for the potential increase in Canadian presence and success within bilateral trade and investment spheres. Canada ranks as Vietnam’s 14th largest investor, with significant projects exceeding $4.82 billion in value.
Notable agreements signed during the trip, such as the partnership between the Vietnam Airlines Flight Training Center and CAE, alongside a cooperation agreement on wastewater treatment with a Canadian company, signal a robust commitment to sustainable development and economic collaboration.
The forthcoming opening of an Export Development Canada office in Ho Chi Minh City aims to solidify Canada’s position in Vietnam, aligning with Canada’s Indo-Pacific Strategy. The visit, highlighted by strategic dialogues with Vietnamese Prime Minister Pham Minh Chinh and participation in economic committee meetings, paves the way for a thriving partnership, emphasizing the utility of the CPTPP for mutual economic growth.
This visit by Minister Ng, characterized by strategic agreements and a significant Canadian business delegation, heralds a prosperous future for Canada-Vietnam economic relations, marking a shared commitment to exploring new trade and investment avenues.
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