Vietnam and Canada have elevated their bilateral relationship to a strategic partnership, aiming to enhance collaboration in key areas such as trade, energy, agriculture, defense, technology, and education. This development was announced by Vietnamese President To Lam during his state visit to Canada, highlighting the shared interests of both nations in bolstering resilience, diversifying partnerships, and maintaining a rules-based international order.
Canadian Prime Minister Mark Carney expressed enthusiasm about the upgraded partnership, noting the progress in bilateral ties since the two countries signed a cooperation agreement in 2017. This agreement encompassed areas like investment, defense, and academia. With the new strategic partnership, Canada and Vietnam plan to focus on energy, agriculture, defense cooperation, and strengthening people-to-people connections.
Trade plays a crucial role in the relationship between the two countries, as Vietnam stands as Canada’s largest trading partner in Southeast Asia. Last year, two-way merchandise trade between the nations surpassed $20 billion. Canada primarily exports food, metals, and fertilizers to Vietnam, while importing electronics, clothing, furniture, and footwear from the Southeast Asian country.
Both countries are also members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a framework designed to expand trade and economic cooperation across the Asia-Pacific region. This membership further underscores the importance of their economic ties and mutual commitment to diversifying trade and supply chains amid global economic uncertainties.
The upgraded partnership reflects Vietnam’s efforts to broaden its international economic relationships beyond its reliance on major markets. As the global economic landscape evolves, both Vietnam and Canada are seeking to enhance their strategic alliances, ensuring a stable and prosperous future for their citizens and economies.