Vietnam, Canada target US$8 billion trade by 2023

Prime ministers of Vietnam and Canada have agreed to boost the two-way trade to US$8 billion by 2023 on the 50th anniversary of bilateral relations.

Vietnam’s Prime Minister Pham Minh Chinh at the phone talk with Canadian PM Justin Trudeau on May 19. Photo: VGP

Measures to make the goal attainable were discussed at a phone talk between Vietnam’s Prime Minister Pham Minh Chinh and his Canadian counterpart Justin Trudeau on May 19.

With the target, the two sides once again affirmed that trade ties are among key pillars of the two countries which are signatories of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Accordingly, they will speed up the establishment of the Joint Committee on Economy and Trade to make the two-way trade of up 60% after two years (US$5 billion currently).

Businesses are encouraged to make full use of the CPTPP while Vietnam facilitates Canada’s investment in finance, innovation, hi-tech agriculture, environment, and clean energy.

Education is also a key sector of the relations. Currently, more than 20,000 Vietnamese students are studying in Canada. During the talks, the Vietnamese PM asked Canada to support the students and the Vietnamese community in the face of Covid-19.

Regarding cooperation against the pandemic, PM Chinh proposed Canada support Vietnam in accessing Covid-19 vaccine supply.

He thanked Canada for providing Vietnam 120,000 N95 masks, CAD700,000 (US$576,000) for flood victims in 2020, and CAD3.5 million for the ASEAN’s Covid-19 Response Fund.

For his part, Justin Trudeau congratulated Prime Minister Chinh on becoming Vietnam’s Prime Minister and welcomed the growing strength and breadth of the relationship between the two countries. Both leaders looked forward to the 50th anniversary of diplomatic relations in 2023.

The prime ministers discussed the important role that the CPTPP has played in expanding trade. Trudeau thanked Vietnam for its support of deeper engagement between Canada and the Association of Southeast Asian Nations (ASEAN), including steps towards a Canada-ASEAN free trade agreement.

Canada’s PM agreed to support Vietnam in climate change adaptation, mostly in the Mekong Delta and coastal areas.

The leaders discussed the experiences of the two countries in combating the Covid-19 pandemic and the importance of equitable access to vaccines to ensure a speedy global recovery.

On regional issues, the two prime ministers agreed on the importance of upholding international law and the need for strong multilateral leadership. Prime Minister Trudeau thanked Vietnam for its positive voice within ASEAN and as a non-permanent member of the United Nations Security Council.