Prime Minister Nguyen Xuan Phuc receives Prime Minister Justin Trudeau in 2017. (Photo: VNA) Vietnam is likely to remain a priority in the LP’s policygiven three key elements, Sophia Leong, Advisory Board Member of theCanada-ASEAN Initiatives, told Vietnam News Agency correspondent in Ottawa.
Firstly, she said, Vietnam’s economy is resilient, and wesaw it firsthand with Vietnam’s economy expanding to close to 3 percent in2020, which is one of the highest in the world during COVID-19, an economicallychallenging period.
Secondly, Vietnam’s rapid expansion of its middle classfurther provides a much-needed economic stability and trade stability as bothof our economies must adjust to growth impacts of the fourth industrialrevolution, she continued.
Finally, the pandemic has accelerated the digitaltransformation, and both of the economies are aggressively adjusting to the new normal, she pointed out.Vietnam is poised to embrace a digital economy faster than other nations inSoutheast Asia and a recent report from Temasek acknowledge Vietnam’s digitaleconomy as “a dragon being unleashed.”
“Vietnam is aggressively building key pillars necessaryfor a digital economy – Connectivity, Logistics, Digital Payment and SkillTalent,” Leong added. “The benefit of a young population in Vietnam is its entrepreneurshipaspiration and their ability to learn, to adopt and to innovate. This is whereCanada could have key roles and impact.”
As the Liberals were re-elected, there will be a steadyincrease of attention to the Indo-Pacific and a continued emphasis to develop astrategy for the Indo-Pacific region, said J. Berkshire Miller, Director andSenior Fellow on Indo-Pacific at Ottawa-based Macdonald Laurier Institute.
“This is a shared priority from both main parties inCanada,” he noted.
Echoing Miller’s view, Assoc. Prof. Ian Lee of SprottSchool of Business, Carleton University, said both major Canadian politicalparties want to diversify Canada’s trading relationships.
Additionally, as Canada and Vietnam are signatories tothe Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP),this will increasingly become the vehicle or medium or path for enhanced trade betweenthe two countries.
According to Lee, Vietnam has been Canada’s largesttrading partner in ASEAN since 2015.
Global Affairs Canada has said in a statement that sinceCanada faces growing calls to diversify its relationships in Asia and develop aclear comprehensive Indo-Pacific strategy, it can further build on itsrelationship with Vietnam as exporters and importers now enjoy increased marketaccess and tariff reduction in this trading environment
In 2020, the two-way trade expanded 12.8 percent against2019, and the figure spurred 38.5 percent in the first half of this year.
Canada and Vietnam have had strong relationships sincethe early 1970’s and along the way
built in partnerships and trade agreements.
Trudeau’s administration is believed to continue its interactiveforeign policy with Southeast Asia and Vietnam will be among Canada’s strategicpartners in the region./.
VNA
