Southeast Asia Information Port (www.dnyxxg.com) - According to the Vietnamese Ministry of Industry and Trade, on October 27, while accompanying Prime Minister Pham Minh Chinh at the 47th ASEAN Summit in Kuala Lumpur, Malaysia, Vietnamese Minister of Industry and Trade Nguyen Hong Diem and Canadian Minister of International Trade Maninder Sidhu held a bilateral meeting to discuss promoting economic, trade, and investment cooperation, as well as coordination measures within regional and global cooperation mechanisms such as ASEAN-Canada, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the World Trade Organization (WTO).
The two ministers highly praised the positive development of political and diplomatic relations between Vietnam and Canada, while acknowledging that while economic and trade relations have made positive progress, they have yet to meet the potential and strengths of both sides.
The two sides agreed to strengthen economic, trade, and investment cooperation and strive to increase bilateral trade volume by 1.5 times within the next three to five years. This goal builds on the consensus reached during the high-level meeting between Vietnamese Prime Minister Pham Minh Chinh and Canadian Prime Minister Mark Carney in Kuala Lumpur on October 26 of this year.
During the talks, Nguyen Hong Diem emphasized that Vietnam welcomes and will create favorable conditions for Canadian companies to invest and cooperate in Vietnam, and expressed hope that Canada will support and facilitate Vietnamese companies' investment and operations in Canada.
Sidhu expressed appreciation for Vietnam's efforts to improve its investment and business environment and emphasized Canada's commitment to establishing a stable and reliable trade partnership with Vietnam based on international rules. He introduced Canada's Major Projects Office, a mechanism for attracting investment in the energy and strategic minerals sectors, and invited Vietnamese companies to explore cooperation opportunities in Canada.
Both sides agreed that the ASEAN-Canada Free Trade Agreement (FTA) should be completed as soon as possible and signed by 2026. The agreement is seen as a key step in promoting regional economic ties and facilitating market access for businesses from both sides.
Regarding the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the two ministers reiterated their commitment to upholding the agreement's high standards and agreed that expansion requires careful consideration and consensus-based approaches. They also discussed potential connections between the CPTPP and the European Union (EU) to enhance supply chain resilience and promote rules-based trade.
Nguyen Hong Diem informed Vietnam that it will assume the rotating presidency of the CPTPP in 2026 and expressed hope that Canada would provide support and assistance in determining themes and cooperation priorities for that year, particularly regarding the CPTPP-EU Connectivity Initiative.
The two sides also exchanged views on World Trade Organization (WTO) reform, agreeing that the WTO needs substantial reform to improve its operational efficiency and better reflect the realities of global trade.
Sidu emphasized Canada's enormous potential for cooperation in the energy sector and noted that Canada had already exported its first liquefied natural gas (LNG) to Asia in July 2025, opening up new cooperation opportunities for regional countries, including Vietnam.
Nguyen Hong Diem highly praised Canada's progress in energy and clean technology and agreed with Minister Sidu's proposal to identify energy, aerospace, and high-tech as potential areas for future cooperation between the two countries.
The two ministers agreed to maintain frequent mutual visits and exchanges, promptly address difficulties and obstacles in economic and trade cooperation, and promote the implementation of the cooperation agreements already agreed upon. (End)
