Vietnam – Canada promoting cooperation in industry and energy
On 26 November 2024, Vietnam-Canada Business Forum took place within the framework of the working trip of the Vietnamese Delegation to attend the 8th CPTPP Council Meeting in Vancouver, Canada. The theme of the Forum was "Strengthening connectivity in the manufacturing and energy sectors", and it was chaired by Minister of Industry and Trade Nguyen Hong Dien.
Also in attendance at the Forum from the Vietnamese side were Mr. Pham Vinh Quang, Vietnamese Ambassador to Canada, Ms. Phan Kieu Thu, Vietnamese Consul General in Vancouver, representatives of a number of Vietnamese ministries, relevant agencies of the Ministry of Industry and Trade, and the Vietnamese Trade Office in Canada.
On the Canadian side, the Forum was attended by Ms. Mary Ng, Minister of Export Promotion, International Trade and Economic Development of Canada; Mr. Cléman Gignac, Canadian Senator and Chairman of the Canada-ASEAN Interparliamentary Friendship Group; and leaders of the Canadian Ministry. Also in attendance were representatives from the governments of the following Canadian provinces: British Columbia, Saskatchewan and Alberta; the ASEAN-Canada Business Council (CABC), the Canadian Business Council (BCC), the Asia-Pacific Foundation of Canada (APFC), and the Export Development Agency of Canada (EDC).
The forum attracted the attention and participation of numerous businesses in the industrial and energy sectors of Vietnam and Canada, including: Greenwell Energy, Pembina, Western LNG, Rockies LNG, Northern Prince LNG, Enbridge, Atkins Realis, Worley, WSP, GLJ, PetroVietnam Group, PV Power, PV Trans, Vinfast, FPT, GP, Becamex, and numerous other prominent entities were in attendance.
In his opening remarks at the Forum, Minister Nguyen Hong Dien underscored the significance of bilateral trade, particularly within the context of CPTPP, as a crucial avenue for harnessing market potential and advancing economic collaboration. The Minister reaffirmed Vietnam's commitment to developing a green industry and a sustainable energy transition, and expressed gratitude for the support from Canada, a country with considerable experience in the field of clean energy and green technology. The Minister urged businesses of both countries to capitalize on the potential for collaboration to promote investment and sustainable growth in the future.
In light of the ongoing global economic turbulence and the inherent unpredictability of the contemporary global environment, Minister Nguyen Hong Dien has emphasized the necessity of strengthening bilateral cooperation between Vietnam and Canada, particularly in trade, industry, and energy. He has stated that such collaboration is vital for effectively addressing the challenges facing both economies and enhancing their resilience.
Minister Mary Ng. concurred with Minister Dien's assessment, reaffirming Canada's dedication to fostering economic collaboration with Vietnam. She expressed particular enthusiasm for bilateral initiatives in the industrial and renewable energy sectors. She placed particular emphasis on Vietnam's potential in the Indo-Pacific region and the significance of bilateral relations through CPTPP. This, she argued, would facilitate increased two-way trade and investment, and would continue to provide support for green and sustainable economic initiatives, as well as creating conditions for the stronger development of businesses in both countries.
Senator Clement Gignac, Chairman of the Canada-ASEAN Interparliamentary Friendship Group, who was a guest speaker at the Forum, placed considerable emphasis on the importance of bilateral cooperation in the context of geopolitical instability and the necessity for Canada to diversify its trade relations with the Indo-Pacific region. Mr. Gignac expressed his admiration for Vietnam's economic accomplishments, particularly in regard to its involvement in free trade agreements. He further stated that Canada is prepared to extend support to Vietnam in the areas of clean energy, high technology, and climate change adaptation. Mr. Gignac stated that, in his capacity as Chairman of the Canada-ASEAN Interparliamentary Friendship Group, he will endeavor to facilitate the continued robust development of the Comprehensive Partnership between the two countries.
The Forum facilitated a dynamic exchange of ideas with the participation of leaders from regulatory agencies and esteemed experts from the Alberta Energy Regulator, the Alberta Minister of Jobs, Economy and Trade, the ASEAN-Canada Business Council, the Canada Asia Pacific Foundation, Viet Nam’s Inter-sectoral Steering Committee for Global Economic Integration, the Vietnam Oil and Gas Group, and representatives from Canadian businesses. The speakers presented their perspectives on bilateral collaboration, potential avenues for fortifying economic partnership between Vietnam and Canada in the context of global geopolitical turbulence, disrupted supply chains, mounting protectionist measures, and strategies for leveraging CPTPP and the Indo-Pacific Strategy to advance trade, diversify supply chains, and enhance connectivity in the industrial and energy sectors.
In his remarks at the Forum, Mr. Ta Hoang Linh, Director General of the European-American Market Department at the Ministry of Industry and Trade, highlighted the significant growth in two-way trade between Vietnam and CPTPP countries over the past five years. He noted that this trade has expanded by 22%, reaching 102.7 billion USD in 2023. Of this total, Vietnam exported 56.5 billion USD, resulting in a trade surplus of 10 billion USD. The turnover with Canada alone nearly doubled, reaching 6.2 billion USD in 2023. In the initial ten-month period of 2024, bilateral trade demonstrated a continued growth trajectory, reaching a value of approximately 6 billion USD, representing a 13.8% increase. CPTPP has played an instrumental role in fostering bilateral economic collaboration and enhancing the value added in exports. Furthermore, participation in the implementation of the CPTPP contributes to the advancement of institutional reform and the enhancement of the legal system, thereby facilitating greater transparency. In the forthcoming period, Vietnam is dedicated to enhancing the investment climate and fostering new collaborative endeavors, thereby creating substantial prospects for businesses in both nations.
The Forum culminated in an introduction and networking session between Vietnamese and Canadian enterprises. This represents a pivotal step towards actualizing the discussed collaborative opportunities, while simultaneously inaugurating specific and promising projects in the realms of industry, energy and bilateral trade in the forthcoming period.
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