Vietnam is Canada's largest trading partner in ASEAN and one of the fastest growing economies, potentially offering many investment opportunities for Canadian businesses.
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A view of an investment promotion seminar organized by the Vietnamese Embassy in Canada. (Source: Vietnam+)
In preparation for the Canadian trade delegation During her visit to Vietnam and Malaysia at the end of March, Canadian Minister of International Trade Mary Ng held a dialogue with Canadian businesses and associations, along with trade and diplomatic representatives from Vietnam, Malaysia and Indonesia. At the event, Canadian associations and businesses also had the opportunity to better understand the Indo-Pacific Strategy that the Canadian Government has been actively implementing recently. In this strategy, Canada focuses on promoting trade and investment relations. Canada organized a trade mission to Japan last year, opened a Trade Representative in Singapore and opened an Agriculture and Agri-Food Office in the Philippines. Speaking at the event, Minister Mary Ng stated that Canada is a trading nation and this sector is playing an important role in the national economic development strategy. Canada currently has free trade agreements with many regions and economic partners such as: Canada-US-Mexico Trade Agreement (CUSMA), EU-Canada Free Trade Agreement (CETA) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These agreements have contributed to promoting Canada's trade turnover in recent times, especially in the country's strong areas. According to Minister Mary Ng, the above results have encouraged the Canadian Government to further strengthen its presence and trade relations with the Indo-Pacific region, as this is where the most dynamic economic growth is, concentrating about two-thirds of the global middle class by 2030 and will account for half of the world's GDP by 2040. Currently, Canada is promoting negotiations on a free trade agreement with the Association of Southeast Asian Nations (ASEAN) and the two sides are expected to be able to sign it in 2025. Sharing this opinion, Trade Counselor of the Vietnamese Embassy in Canada Tran Thu Quynh said that in addition to promoting the Free Trade Agreement with ASEAN, Canada and Vietnam also need to prepare a deeper cooperation mechanism in the field of digital economy and green economy in the context of ASEAN establishing a regional digital economic framework. Ms. Thu Quynh said that as Chair of the CPTPP in 2024 and the G7 in 2025, Canada can contribute more to promoting trade liberalization and improving the efficiency of the World Trade Organization (WTO). In addition, Canada can also become a gateway for Vietnamese and ASEAN businesses to penetrate the North American market. The Malaysian Consul in Canada said that Canada needs to tap into the "capital" of talented immigrants from the Indo-Pacific region to help them penetrate the market without facing cultural differences. Meanwhile, the Indonesian Consul in Canada welcomed the upgrading of the Canada-ASEAN Strategic Partnership and believed that the free trade agreement will bring many opportunities for businesses on both sides. In recent times, trade between Canada, Vietnam and Malaysia has been supported by the CPTPP, as the three countries are members of this agreement. Vietnam is Canada's largest trading partner in ASEAN and one of the fastest-growing economies, potentially offering significant trade and investment opportunities for Canadian businesses. Last year, trade between the two countries reached more than 10 billion USD, marking continuous growth since 2020. Meanwhile, Malaysia is also considered an important trade and investment partner of Canada in ASEAN, with bilateral trade last year reaching nearly 6 billion USD. Speaking to a VNA reporter in Canada, George Monize, Vice President for the Indo-Pacific region of Export Development Canada, said that in Canada's Indo-Pacific Strategy, Vietnam is considered a core part. Canada sees more opportunities for both sides to grow when Vietnam becomes Canada's largest trading partner in the region. Through partnerships and contacts, the Canadian Export Development Agency is trying to provide domestic businesses with necessary information about the Vietnamese market, while helping businesses in both the financial and insurance sectors so that they can achieve more success. Meanwhile, Mr. Remy Franzoni, President of Engram Business Consulting Group, commented that Vietnam is a great partner, because it is a global manufacturing center, has a golden population structure and a large middle class. This is a good opportunity for Canadian businesses and export companies to penetrate this market. In addition, Vietnam also has very competitive labor costs and business costs, in addition to the advantages of free trade agreements with many partners and regions. Therefore, Mr. Franzoni said that Vietnam is one of the most attractive destinations for Canadian businesses./.nhandan.vn
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