Vietnam and Canada have elevated their relationship to a strategic partnership, a move set to enhance cooperation across various sectors such as trade, energy, agriculture, defense, technology, and education. Vietnamese President To Lam disclosed this development during his official visit to Canada, emphasizing the shared interests of both nations in bolstering resilience, diversifying partnerships, and upholding a rules-based international order.
Canadian Prime Minister Mark Carney expressed his approval of the upgraded partnership, highlighting the significant expansion of bilateral ties since the 2017 cooperation agreement. This earlier agreement had already laid the groundwork for collaboration in investment, defense, and academia. Canadian officials indicated that the new partnership will further concentrate on areas like energy, agriculture, and strengthening people-to-people connections.
Vietnam stands as Canada’s largest trading partner in Southeast Asia, with bilateral merchandise trade surpassing $20 billion last year. Canada’s primary exports to Vietnam include food, metals, and fertilizers, while Vietnam provides electronics, clothing, furniture, and footwear to Canada.
Both countries are signatories of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which offers a framework for broadening trade and economic cooperation throughout the Asia-Pacific region.
This strategic partnership comes at a time when both nations are keen to diversify their trade and supply chains amid global economic uncertainties. Additionally, Vietnam is actively seeking to expand its international economic relationships beyond its traditional major markets.
