Canada and Vietnam strengthen cooperation in the economic field

On the morning of January 11 (Vietnam time), an online signing ceremony of a Memorandum of Understanding (MOU) took place on the establishment of the Joint Economic Commission (JEC) between Canada and Vietnam.

According to the Vietnam News Agency correspondent in Ottawa, on the morning of January 11 (Vietnam time), Ms. Mary Ng, Canada’s Minister in charge of International Trade, Export Promotion, Small Enterprises and Economic Development and Minister Vietnam’s Ministry of Industry and Trade Nguyen Hong Dien witnessed the online signing of a Memorandum of Understanding (MOU) on the establishment of the Joint Economic Commission (JEC) between Canada and Vietnam.

Minister of Industry and Trade Nguyen Hong Dien. Photo: Tran Viet/TTXVN

The Memorandum of Understanding was signed by Vietnam’s Deputy Minister of Industry and Trade Do Thang Hai and Canada’s Acting Deputy Minister for International Trade Sara Wilshaw. Attending the ceremony were the presence of Vietnamese Ambassador to Canada Pham Cao Phong and Canadian Ambassador to Vietnam Deborah Paul.

Ms. Mary Ng affirmed: “Canada recognizes the increasing importance of creating trade opportunities with Vietnam and the Indo-Pacific region, for supply chains, economic growth. Canada’s long-term competitiveness and competitiveness Businesses and workers in both Canada and Vietnam will benefit from strong and diversified supply chains with support from the Joint Commission on the Economy”.

Vietnam’s Deputy Minister of Industry and Trade Do Thang Hai and Canada’s Acting Deputy Minister in charge of International Trade Sara Wilshaw. Photo: Tran Viet/TTXVN

“To foster a strong, sustainable and inclusive economic recovery, the Government of Canada is committed to strengthening international trade relations with the fast growing market, like Vietnam”.

Vietnam is not only an important global trading partner for Canada but also a dynamic economic player in the Indo-Pacific. With the establishment of the JEC, the Government of Canada is promoting trade diversification in the region, building on the success of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and cooperation through the Forum. Asia-Pacific Economic Cooperation (APEC), as well as progress in the negotiation process of a free trade agreement between Canada and the Association of Southeast Asian Nations (ASEAN), of which Vietnam is a member. member.

The Memorandum of Understanding will lay the groundwork for enhanced dialogue and cooperation on common and emerging priorities with Vietnam, Canada’s largest trading partner in ASEAN. This event not only contributes to the deepening of the Canada-Vietnam bilateral relationship, but also strengthens Canada’s presence in the Indo-Pacific, and creates opportunities for Canadian businesses to open up. expand its scale and develop in the international arena.

 Photo: Trần Việt/TTXVN

In 2021, despite the complicated developments of the COVID-19 epidemic, the total trade turnover between the two countries in 11 months will reach approximately US$5.4 billion, up 16.6% over the same period in 2020. and surpassed the figure of 5.1 billion USD for the whole of 2020. In terms of investment activities, as of November 2021, Canada is the 14th largest foreign investor in Vietnam with 231 projects with a total value of over $4.81 billion. The projects of Canadian investors in Vietnam are considered to be of high quality in areas such as hotel services, insurance, renewable energy, etc.