Promoting economic, trade and investment cooperation between Vietnam and Canada

2nd Meeting of the Vietnam-Canada Joint Economic Committee.

On March 27, in Hanoi , Minister of Industry and Trade Nguyen Hong Dien and Canadian Minister of Economic Development, International Trade and Export Promotion Mary Ng attended the opening of the 2nd Meeting of the Vietnam-Canada Joint Economic Committee.

The Vietnam-Canada Joint Economic Committee was established in January 2022 and held its first meeting in Vancouver, Canada in July 2022, right after the countries reopened after the Covid-19 pandemic. The first meeting created a new dialogue channel between the two governments to deepen the Comprehensive Partnership, in which economic cooperation is an important pillar.

Speaking at the opening of the 2nd Meeting of the Vietnam-Canada Joint Economic Committee, Minister Nguyen Hong Dien affirmed that the cooperative relationship between Vietnam and Canada has made remarkable progress in many areas. Especially since the CPTPP Agreement, of which Vietnam and Canada are members, came into effect, trade and investment between the two countries have grown positively.

Besides, based on the close complementarity of the two economies, along with the fundamental cooperation frameworks that the two sides have established and are establishing, the potential for developing relations between the two countries is still very large.

Therefore, the Vietnam-Canada Joint Economic Committee plays an important role in promoting economic, trade, investment, agricultural, scientific and technological cooperation, etc.; at the same time, consolidating and strengthening the supply chain between the two countries through jointly reviewing the cooperation situation, removing obstacles and identifying solutions as well as work contents that need to be prioritized for the next phase.

Minister of Industry and Trade Nguyen Hong Dien and Canadian Minister of Economic Development, International Trade and Export Promotion Mary Ng.

Canadian Minister of Economic Development, International Trade and Export Promotion Mary Ng appreciated Vietnam's leading position in Canada's Indo-Pacific Strategy (IPS) announced in November 2022.

Minister Mary Ng was also pleased to announce that during this working trip, the Minister led a Canadian Trade Delegation of nearly 250 members from nearly 200 businesses to Vietnam from March 26 to 29, 2024, to increase connectivity of trade and investment opportunities, strengthen the supply chain with Vietnam to concretize the goals of the IPS Strategy.

Immediately after the opening remarks of the two Ministers, Deputy Minister of Industry and Trade Phan Thi Thang and Canadian Deputy Minister of International Trade Rob Stewart chaired and conducted the 2nd Meeting of the Vietnam-Canada Joint Economic Committee.

The two Deputy Ministers acknowledged the success when the two sides agreed on the terms of reference of the Joint Committee, which defined the roles, functions and tasks of the Secretariat and the two Working Groups: Trade and Investment Facilitation and Energy Transition to Respond to Climate Change, with specific goals and responsibilities.

The two Deputy Ministers said that in preparation for this 2nd Session, the two sides successfully organized the first Working Group meetings with many discussions, proposals, and active and enthusiastic information sharing through direct and online forms, overcoming the difficulties of geographical distance and time difference between Vietnam and Canada.

The meeting's contents covered the fields of trade, investment, agriculture, energy, finance, customs, science and technology, education and training, energy transition policy, as well as Vietnam's proposals towards the goal of implementing the zero net emission commitment at COP26.

Notably, this meeting was attended by the private sectors of the two countries, including the Canadian Business Council (BCC), the ASEAN-Canada Business Council (CABC), the Vietnam Federation of Commerce and Industry (VCCI) and a number of representatives of member enterprises.

These organizations have made proposals for the two governments to conduct activities and create conditions to promote stronger and more effective trade and investment relations in the coming time. At the end of the meeting, Deputy Minister Phan Thi Thang and Deputy Minister of International Trade Rob Stewart signed the Joint Statement of the Meeting, witnessed by ministries, branches, associations and businesses of both sides.

Deputy Minister Phan Thi Thang and Canadian Deputy Minister of International Trade Rob Stewart signed the Joint Statement.

* Previously, on the morning of March 27, Minister Nguyen Hong Dien had a meeting with the Canadian Business Council led by President and CEO Goldy Hyder.

At the meeting, Minister Nguyen Hong Dien highly appreciated the Canadian Business Council's first official visit to Vietnam, marking a new step in development in trade and investment cooperation between businesses of the two countries.

The Minister also asked the Canada Business Council to maximize its role in connecting businesses and promoting investment and business cooperation between the Canadian and Vietnamese business communities.

Accordingly, it is recommended that the Canadian Business Council support Vietnamese enterprises in accessing, promoting products and building brands in the Canadian market such as textiles, wooden furniture, household appliances, seafood, tropical agricultural products, etc.; coordinate with the Ministry of Industry and Trade in promotional activities, connecting businesses through seminars, exhibitions, and exchanges of trade promotion delegations.

With advantages in political stability, economic dynamism, open policies, and abundant high-quality human resources, Vietnam will be an active bridge for Canadian businesses in the goal of diversifying supply chains and expanding markets and business partners in Vietnam as well as accessing the ASEAN market with more than 680 million people.

Speaking at the meeting, Mr. Goldy Hyder - representative of Canadian enterprises congratulated Vietnam's socio-economic development achievements; highly appreciated the increasingly improved business environment as well as Vietnam's important role as a production center in the global supply chain and affirmed that Canadian enterprises are ready to explore new cooperation opportunities and cooperate with Vietnamese enterprises in areas where both sides have strengths.

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