Viet Nam, Canada eye stronger economic, trade, investment ties

During their meeting on October 27 on the sidelines of the 47th ASEAN Summit in Kuala Lumpur, Malaysia, the ministers highly valued the strong political and diplomatic ties between Viet Nam and Canada, noting that bilateral trade has advanced in recent years but remains below the potential and strength of each side.

They agreed to further step up economic, trade, and investment cooperation, aiming to increase the two-way trade by 1.5 times in the next three to five years based on directions set by Prime Minister Pham Minh Chinh and his Canadian counterpart Mark Carney during their high-level bilateral meeting on the day earlier in Kuala Lumpur.

Dien affirmed that Viet Nam welcomes and creates the best possible conditions for Canadian businesses to invest in the country, Dien stated, expressing his hope that Canada will, in turn, support and facilitate Vietnamese enterprises’ investment and operation in Canada.

Sidhu highly valued Viet Nam’s efforts in improving its investment and trade environment, stressing that Canada attaches importance to building a reliable and stable trade partnership grounded in international law.

He briefed on Canada’s Major Projects Office — a mechanism designed to attract investment in strategic energy and mineral sectors, and invited Vietnamese businesses to explore cooperation opportunities in Canada.

The two sides agreed on the importance of completing and signing the ASEAN – Canada Free Trade Agreement (FTA) by 2026, considering it a key step toward strengthening economic integration and facilitating market access for their businesses.

Regarding the CPTPP, the two ministers reaffirmed the determination to maintaining the agreement’s high standards, agreeing that the expansion of CPTPP membership should be approached carefully and based on consensus. They also discussed the potential for greater connectivity between the CPTPP and the European Union (EU) to enhance resilience of supply chains and promote rules-based trade.

The Vietnamese minister announced that Viet Nam will assume the CPTPP Chairmanship in 2026 and hopes for Canada’s coordination, support, and feedback in shaping the theme and key cooperation priorities for its chairmanship year, particularly regarding the CPTPP–EU connectivity initiative.

The two ministers also discussed reform of the World Trade Organization (WTO), agreeing that the organisation needs substantial renewal to enhance its effectiveness and better reflect global trade realities. They affirmed their commitment to closely coordinate ahead of the WTO Ministerial Conference scheduled for next March.

Sidhu highlighted Canada’s energy cooperation potential, noting that the country exported its first shipment of liquefied natural gas (LNG) to Asia in July, opening up new opportunities for collaboration with regional partners, including Viet Nam.

Dien commended Canada’s progress in energy and clean technology sectors and agreed with the Canadian official that energy, aerospace, and high technology should be identified as key potential areas for future cooperation between the two countries.

They agreed to maintain regular delegation exchanges to discuss and promptly address obstacles in economic and trade cooperation, as well as to concretise cooperation areas agreed upon by the two nations.