Vietnam, Canada eye doubling trade over next decade

THE HANOI TIMES — Vietnam and Canada aim to diversify and expand bilateral trade relations to double two-way trade over the next five to ten years.

The view was shared during a meeting between Prime Minister Pham Minh Chinh and Canada’s Secretary of State for International Development Randeep Sarai on January 6, during the latter’s visit to Vietnam.

At the meeting, both sides welcomed the positive momentum of the Vietnam-Canada Comprehensive Partnership, noting steady progress across all fields underpinned by strong political trust.

Leaders of the two countries have maintained regular high-level engagement at multilateral forums. In 2025, Prime Minister Chinh and Canadian Prime Minister Mark Carney met twice on the sidelines of the ASEAN 47 Summit and the G20 Summit in South Africa.

Bilateral trade reached $6.35 billion as of September 2025, with Vietnam ranking among Canada’s leading trade partners within ASEAN and the CPTPP framework.

On this occasion, Chinh thanked the Canadian government for providing nearly $2 billion in official development assistance to Vietnam since 1990.

He noted that Vietnam’s GDP growth exceeded 8% in 2025, laying a solid foundation for double-digit growth in the coming years. This growth path is expected to be green, fast and sustainable, driven by science and technology, innovation and digital transformation.

"In this context, Vietnam seeks to further strengthen and deepen the Comprehensive Partnership with Canada in a substantive and effective manner for mutual benefit," said Chinh.

The prime minister called for stronger political and diplomatic ties and more frequent exchanges at all levels. He also suggested studying an upgrade of bilateral relations, strengthening the legal framework, and easing visa procedures to facilitate people-to-people and business exchanges.

Chinh also urged Sarai to continue promoting cooperation with Vietnam, particularly in economic, trade and investment ties, while fully leveraging CPTPP benefits. This includes further market opening, stronger supply chain linkages and cooperation in sectors where Vietnam has strengths, such as electronics and agriculture.

He encouraged closer business connections, support for Vietnam’s participation in global value chains and joint investment in concrete projects of shared interest, while also proposing expanded cooperation in high-quality human resource training and technology transfer.

Chinh called on Canada to increase scholarships for Vietnamese students in priority fields where Canada has strengths and Vietnam has demand, including high technology, digital transformation, peaceful nuclear energy, clean energy, artificial intelligence, semiconductors, environmental protection and climate change and green and high-tech agriculture.

"These areas are seen as critical to Vietnam’s next phase of development," said Chinh.

In addition, he urged stronger cultural and people-to-people exchanges, the organization of Vietnam cultural days in Canada and Canadian cultural days in Vietnam and consideration of direct or connecting flights between the two countries.

He asked Canada to continue supporting the Vietnamese community of about 300,000 people living, studying and working there and to consider recognizing Vietnamese people as a minority group with improved legal status, enabling them to contribute more to Canada and bilateral relations. He also proposed closer coordination at multilateral forums.

Minister Sarai congratulated Vietnam on the 80th anniversary of its first general election to the National Assembly and conveyed the Canadian Prime Minister’s satisfaction with the steady progress of bilateral ties, noting that two-way trade has multiplied since both countries joined the CPTPP.

The minister expressed agreement with Prime Minister Pham Minh Chinh’s proposals and said his visit aligns with Canada’s new Indo-Pacific Strategy, under which ASEAN and Vietnam remain top priorities.

He affirmed Canada’s commitment to strengthening cooperation with Vietnam on climate change response and supporting Vietnam’s commitments, while expressing Canada’s desire to diversify and expand trade ties with Vietnam and double bilateral trade over the next five to ten years.

He also underscored plans to deepen cooperation under the CPTPP in 2026, when Vietnam serves as the rotating chair of the CPTPP Commission.

He added that Canada will continue providing ODA to Vietnam and announced a $30 million ODA package during the visit, along with the launch of the book Sustainable Legacy - 30 Years of Development Cooperation Between Canada and Vietnam.