Vietnam and Canada have elevated their bilateral relationship to a strategic partnership, aiming to enhance cooperation across various sectors including trade, energy, agriculture, defense, technology, and education. This development was announced by Vietnamese President To Lam during his state visit to Canada, highlighting shared interests in boosting resilience, diversifying partnerships, and supporting a rules-based international order.
Canadian Prime Minister Mark Carney expressed his approval of the upgraded ties, noting the expansion of bilateral relations since a 2017 cooperation agreement that covered investment, defense, and academia. Canadian officials emphasized that the new strategic partnership will prioritize energy, agriculture, defense collaboration, and fostering stronger people-to-people connections.
Economic ties between the two nations are significant, with Vietnam standing as Canada’s largest trading partner in Southeast Asia. The two-way merchandise trade between the countries surpassed $20 billion last year. Canada primarily exports food, metals, and fertilizers to Vietnam, while Vietnam exports electronics, clothing, furniture, and footwear to Canada.
Both Vietnam and Canada are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a framework that facilitates expanded trade and economic cooperation across the Asia-Pacific region. The upgraded partnership reflects a mutual effort by both countries to diversify their trade and supply chains amidst global economic uncertainties.
This strategic partnership aligns with Vietnam’s broader strategy to broaden its international economic relationships, reducing reliance on major markets. The collaboration with Canada is seen as a step towards achieving a more balanced and diversified economic engagement on the global stage.