Vietnam holds important position in Canada’s Indo-Pacific Strategy: official

The Ministry of Economic Development, Job Creation and Trade (MEDJCT) of Canada’s Ontario province and the Vietnam Trade Office in Canada on October 24 held a workshop to review the 5-year implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and to promote Canada’s trade and investment to Vietnam.

Canadian Parliamentary Secretary to the Minister of Export Promotion, International Trade and Economic Development Maninder Sidhu said that Vietnam is currently considered an important partner of Canada in ASEAN and is the leading destination for Canadian goods in the ASEAN region, with a growth rate of 7% over the past 30 years. Vietnam is also considered a gateway for Canadian companies to enter ASEAN.

He said when it comes to Vietnam, Canadian businesses pay much attention to the people-to-people exchange and the about 300,000-strong Vietnamese community in Canada.

A Canadian delegation led by Trade Minister Mary Ng will come to Vietnam soon, which shows how important Vietnam is in Canada's international relations as Canada is implementing the Indo-Pacific Strategy worth 2.3 billion CAD (1.67 billion USD).

Vietnamese Ambassador to Canada Pham Vinh Quang said that the CPTPP brings new opportunities to Vietnam-Canada's economic, trade and investment relations.

Taking advantage of free trade agreements, particularly the CPTPP, the two sides can exploit the potential of the dynamic region and have the foundation for common growth.

Ontario province makes up to 40% of Canada's GDP and is also home to large corporations and investment funds.

In 2022, Ontario province's exports to Vietnam reached 173 million CAD, more than doubling over the past 10 years. Ontario's demand for imports from Vietnam also continues to increase. Last year, the province imported nearly 7.3 billion CAD of goods from Vietnam, double the import level compared to five years ago and 10 times that in 2012.