Vietnam and Canada established diplomatic relations in 1973 and since then, the two countries have made significant progress in developing cooperation in many areas, including finance. Promoting financial cooperation and enhancing mutual understanding between Vietnam and Canada can be done through many activities such as organizing workshops, training officials, establishing exchange programs and encouraging investment. Both sides can also develop cooperation agreements in the fields of banking, finance and trade to facilitate businesses and investors. Vietnam has been an important partner in Canada's foreign policy strategy for many years. In 2023, the Ministry of Finance of Vietnam coordinated with the Ministry of Finance of Canada to organize the Financial Policy Dialogue Workshop with topics on Fiscal Policy, Debt Management Policy and Data Storage Policy in Vietnam in the financial sector. In 2024, dialogue sessions will continue to be held to concretize cooperation activities between the two countries ' Ministries of Finance , thereby promoting and further expanding the cooperative relationship between the two countries, in the spirit of understanding, trust and mutual respect.
Recently, during a working session with Deputy Minister of Finance Vo Thanh Hung, Canadian Ambassador to Vietnam Shawn Steil emphasized: The Vietnamese Government has achieved great achievements in financial and monetary management and operation to avoid crises in the world to ensure a stable and solid domestic financial system, in which the Ministry of Finance plays a very important role. He highly appreciated the cooperation between the two sides and said that the financial sector still has a lot of potential for Vietnam and Canada to cooperate. On that basis, Canada is willing to continue to support and accompany the Ministry of Finance to promote this good cooperative relationship in the coming time. 
Mr. Shawn Steil - Canadian Ambassador to Vietnam speaking at the meeting. Photo: Internet.
For his part, Deputy Minister Vo Thanh Hung emphasized that Vietnam and Canada are currently two member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Canada is Vietnam's third largest trading partner in the Americas (after the United States and Brazil).
Deputy Minister of Finance Vo Thanh Hung speaks at the meeting. Photo: Internet.
In addition to upgrading the Comprehensive Partnership, the two countries have coordinated to organize the first meeting of the Vietnam-Canada Joint Economic Committee in July 2022 in Vancouver and the second meeting of the Committee was held in March 2024 in Hanoi. Accordingly, the Deputy Minister of Finance hopes that Canada, as the rotating Chair in 2024, will contribute to elevating the CPTPP to a model free trade agreement for the region and the world and expanding its scope and influence in the global trading system. Regarding cooperation in the financial sector, Deputy Minister Vo Thanh Hung thanked and appreciated the Canadian Government's support for Vietnam in the process of institutional reform, including financial institutions and human resource training in recent times. The support through ODA aid projects has greatly contributed to Vietnam's development. This is a very practical and effective cooperation activity, contributing to strengthening bilateral cooperation between the two countries. The efforts of the Government and the Ministry of Finance of Vietnam in creating a favorable investment environment and a stable financial market for foreign investors in Vietnam. And, the important point is the amendment of legal documents related to the financial and monetary sectors to create a favorable legal corridor. To promote financial cooperation and enhance mutual understanding between the two countries, the two countries strengthen policy dialogue: Organize conferences and seminars on financial and banking policies between the two countries' functional agencies to share experiences and development models. Encourage investment together: Create favorable conditions for businesses of both sides to learn about and implement investment projects, through signing double taxation avoidance agreements, creating a transparent legal environment. Cooperate together in the banking sector: Encourage Canadian banks to invest in Vietnam and vice versa, by establishing support funds for small and medium enterprises, as well as start-up projects. In joint activities, share information and technology: Organize training programs on financial management, e-banking, and financial technology (fintech) to help both sides improve their capacity. Cooperation to promote trade: Strengthen trade promotion programs, assist businesses of the two countries to find partners, expand markets and strengthen business relationships. Encourage research and development: Create conditions for research organizations of the two countries to cooperate in the financial sector to come up with innovative solutions that are suitable to the needs and characteristics of each country. Promote culture and mutual understanding: Organize cultural and educational events between the two countries so that people can better understand the culture, people, as well as economic cooperation opportunities. These efforts not only help improve the financial relationship between Vietnam and Canada, but also enhance understanding and connection between the two cultures, thereby creating a solid foundation for long-term development./.
Thanh Tung
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