Minister Ng strengthens trade relations with Vietnam as Team Canada Trade Mission concludes

From: Global Affairs Canada

News release

March 29, 2024 - Ho Chi Minh City, Vietnam - Global Affairs Canada

The Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, has concluded her visit to Vietnam as part of the Team Canada Trade Mission to Malaysia and Vietnam. As a key initiative under Canada’s Indo-Pacific Strategy, these missions provide opportunities for companies, both Canadian and local, to establish valuable connections with key players.

In Ho Chi Minh City, Minister Ng highlighted the fifth anniversary of the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Vietnam. As a result of the agreement, bilateral trade has increased between the 2 countries and doors have opened for Canadian businesses in Vietnam. The Minister also encouraged the trade mission delegates to learn more about CPTPP-related customs requirements to help increase Canadian exports to Vietnam. She also discussed Canada’s commitment to strengthening commercial relations with Vietnam by building on the momentum of the trade mission, including through advancing negotiations towards an ASEAN-Canada free trade agreement.

During her visit, Minister Ng observed the meaningful contribution made by Canadian companies operating on the Vietnamese market. From promoting the economic empowerment of women and girls through “Code Like a Girl” tournaments, to providing technology that stabilizes electricity distribution across Vietnam’s largest city, Canadian companies are making a lasting impact.

The Minister also witnessed the extension of the partnership between CAE Inc., a Canadian aerospace company taking part in the mission, and Vietnam Airlines. The agreement extends the partnership for an extra five years allowing for CAE’s flight simulators to continue to be used for pilot training by Vietnam Airlines.

Minister Ng heard how Canadian companies are seizing growing opportunities in Vietnam’s energy sector to support the transition to clean energy and the country’s net-zero goals. The launch of a collaborative relationship between four Canadian companies taking part in the mission and one of Vietnam’s largest energy companies is a great example of how the mission targets priority sectors in Vietnam, such as clean technologies, for Canadian businesses to grow. 

The Minister also announced the opening of Export Development Canada’s first office in Vietnam. The new office will help Canadian exporters and investors navigate and benefit from the fast-growing Indo-Pacific market.

While in Hanoi and Ho Chi Minh City, Minister Ng took part in a series of bilateral meetings. The conversational topics included the CPTPP, trade diversification, the ASEAN-Canada free trade agreement negotiations and the unlocking of untapped potential for Canadian businesses in Vietnam.

Quotes

“Over the past 3 days of the Team Canada Trade Mission, I witnessed Canadian companies from a variety of sectors build meaningful connections and networks in the Vietnamese market. Canada’s strong commercial relationship with Vietnam, which features sustainable trade, inclusive trade and the transition to clean energy, was apparent throughout the events. It is clear that Canadian companies will continue unlocking potential in the vibrant Vietnamese economy.”

- Mary Ng, Minister of Export Promotion, International Trade and Economic Development

Quick facts

  • The Indo-Pacific is Canada’s second-largest regional export market, after the United States, with annual 2-way merchandise trade valued at $257 billion in 2023.

  • Launched in November 2022, Canada’s Indo-Pacific Strategy creates opportunities to expand trade and investment, grow the number of good jobs and build supply chain resilience.

  • Vietnam is Canada’s largest trading partner in the ASEAN region, and the CPTPP has been in force in Vietnam since January 2019. 

  • Bilateral trade in merchandise between Canada and Vietnam has risen to a value of $14 billion, up from $13.8 billion in 2022, largely supported by the benefits of the CPTPP.     

  • Vietnam is a significant economic partner that plays an important role in advancing Canada’s trade diversification efforts in the region.  

  • The CPTPP’s inception significantly boosted bilateral trade between Canada and Vietnam from a value of $6.5 billion in 2018 to $14 billion in 2023.

Associated links

Contacts

Huzaif Qaisar
Press Secretary
Office of the Minister of Export Promotion, International Trade and Economic Development
343-575-8816
Huzaif.Qaisar@international.gc.ca  

Media Relations Office
Global Affairs Canada
media@international.gc.ca
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