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Vietnam, Canada seek to boost economic cooperation

Economic cooperation is a driving force of the comprehensive partnership between Vietnam and Canada, Vietnamese Ambassador to Canada Pham Cao Phong has said.
Vietnam, Canada seek to boost economic cooperation ảnh 1Illustrative image (Photo: VNA)
Ottawa (VNA) – Economic cooperation is a drivingforce of the comprehensive partnership between Vietnam and Canada, VietnameseAmbassador to Canada Pham Cao Phong has said.

Speaking at a seminar, organised on November 9 by the Vietnamese Embassy in Canada in both virtual and face-to-face forms, Phong said that Vietnam has been Canada's largest trading partner in theAssociation of Southeast Asian Nations (ASEAN) for a long time, with two-way trade increased morethan 6.2 times over the past 10 years.

The ambassador said the seminar reflected the embassy's efforts to strengthenpolicy dialogue, and trade and investment promotion to facilitate Vietnam-Canadaeconomic linkages in the context that the global supply chain and economicrecovery process have faced difficulties in the post-COVID-19 period.

Canadian Minister of International Trade, Export Promotion, Small Business andEconomic Development Mary Ng highly appreciated the role of the Comprehensive and ProgressiveAgreement for Trans-Pacific Partnership (CPTPP) to which both Canada and Vietnam aremembers. The deal  has created great opportunities for businesses inboth countries, she said.

The value of two-way trade between Canada and Australia, Japan,New Zealand, Singapore and Vietnam - the five nations which had ratified the CPTPP and had no other trade deals with Canada - grew by nearly 10% from 47.3 billion CAD in 2018 to52.1 billion CAD in 2021, the minister said, adding that Canada’s exports to these countriesalso increased by 8.3% in the period, much higher than its export growth to the rest of the world.

Lisa Thompson, Minister of Agriculture, Food and RuralAffairs of Ontario, affirmed that Canada's most populous province wants to strengthen itslongstanding relationship with Vietnam and underscored opportunities in thefield of trade and investment between the two countries.

At the seminar, economic experts Vo Tri Thanh, Can Van Luc and Nguyen Anh Tuan, Deputy Director of the Department of Foreign Investment under theMinistry of Planning and Investment, briefed participants about Vietnam'seconomic development and preferential policies to attract foreign investment aswell as areas that the country is calling for investment./.
VNA
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