Vietnam, Canada to increase bilateral trade turnover to $10B

During a meeting between Prime Minister Pham Minh Chinh and his Canadian counterpart Justin Trudeau on Saturday, on the occassion of the expanded G7 Summit in Japan, the two agreed to boost bilateral trade within the framework of the Pacific trade deal Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Chinh requested Canada to cooperate with Vietnam on new fields like digital transformation or circular economy. He also hoped that Canada would create opportunities for Vietnamese exports to enter the country.

Trudeau said Canada highly values its relationship with Vietnam, as well as Vietnam's role and position on the global stage. It is evident through the fact that Vietnam is one of two Southeast Asian countries to be invited by Japan to the expanded G7 Summit, besides Indonesia.

He said Canada highly values international law and rule-based order, as well as supporting ASEAN's stance regarding the South China Sea. He requested that Vietnam supports Canada in increasing its cooperation with ASEAN and the region.

Vietnam has been the top commercial partner for Canada among ASEAN since 2015, while Canada is among the top 10 import partners for Vietnam.

The two countries's trade turnover reached $7 billion last year, with Vietnam spending over $410 million to import food, aquaculture and agricultur products from Canada.

Chinh is in Japan to attend the 49th expanded G7 Summit from May 20 to May 21. It is the third time that Vietnam attends the summit, and the second time to do so per an invitation from Japan.

The expanded summit is part of the G7 Summit, which happens from May 19 to May 22.