Canadian enterprises, including those from Quebec, have expressed their keeninterest in the Vietnamese market, given the thriving trade ties between thetwo countries since the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) came into force five years ago.
Trade revenue between the two countries rose from 3.86 billion USD in 2018 tomore than 7 billion USD in 2022. During January – June this year, the figure reached 3.6billion USD.
Director General of the Indo-Pacific Region under the Quebec Ministry of InternationalRelations and Francophonie Gabriel Chartier said that the ministry rolled out itsIndia-Pacific Strategy in 2021, which identified Vietnam andother Asian countries as important partners to expand business activities.
The Quebec international investment agency was established, responsible forsupporting local firms who want to develop their business in Vietnam, he added.
There are around 125 cooperation projects between Vietnam and Quebec. Two-waytrade has exceeded 1.5 billion USD, with the Canadian side selling electronics,agricultural products and medical equipment to Vietnam, and buying footwear andclothes from the Southeast Asian country.
The two sides are planning to carry out new cooperation projects, helpingdiversify collaboration in all areas, from culture, sustainable development totechnology study.
Vice President of the Indo-Pacific at Export Development Canada (EDC) GeorgeMonize described Vietnam as an amazing market with high GDP growth and an expanding middle class.
According to Chairman of Groupe Engram Remy Franzoni, his customers have beencurious and interested in cooperation opportunities with Vietnam, which holdsstrengths in technology and electronics.
The sound Vietnam-Canada relations have contributed to concretisingCanada’s Indo-Pacific Strategy and its strategic partnership with ASEAN, hesaid, adding the Quebec authority and the Canadian Government as a whole have givenpriority to Vietnam, and consider the country a new intersection in the globalvalue chain due to the cooperation potential in key areas./.