Vietnamese Minister of Industry and Trade Nguyễn Hồng Diên (right) meets with President and CEO of the Business Council of Canada (BCC) Goldy Hyder in Kuala Lumpur on Monday. — VNA/VNS Photo

KUALA LUMPUR — Vietnamese Minister of Industry and Trade Nguyễn Hồng Diên met with the Business Council of Canada (BCC) delegation led by President and CEO Goldy Hyder in Kuala Lumpur on Monday, on the sidelines of the 47th ASEAN Summit and related meetings.

Diên highlighted that Việt Nam and Canada possess complementary export structures and significant opportunities under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Meanwhile, the bilateral Joint Economic Committee framework is effectively addressing obstacles and facilitating trade and investment partnerships between the two countries.

Thanks to these mechanisms and guidance from both countries' leaders, bilateral trade has grown steadily, with Việt Nam now Canada’s top trading partner in ASEAN and Canada ranking as Việt Nam’s third-largest partner in the Americas.

Their trade turnover reached US$7.23 billion in 2024, up 15.8 per cent year-on-year.

Referring to the discussion between Prime Minister Phạm Minh Chính and his Canadian counterpart Mark Carney in Kuala Lumpur on Sunday, Diên said both leaders had agreed to raise bilateral trade to at least $10 billion within the next three years.

He observed, however, that current trade and investment levels remain modest compared to the countries’ potential and advantages. Vietnamese exports account for just 2 per cent of Canada’s total imports, while Canada ranks 14th among the 139 countries and territories investing in Việt Nam.

Enterprises of both countries still have substantial room to tap into, the Vietnamese minister said, suggesting them boost connections in production, supply chains, technology and brand development.

Providing an overview of Vietnam’s economy, Diên noted that the country’s GDP growth is aimed at 8 per cent in 2025 and double-digit rates from 2026 onwards. To achieve this ambitious target, Việt Nam is launching various incentives to attract more foreign investment.

With a young and dynamic workforce and strong purchasing power, Việt Nam offers promising opportunities for Canadian businesses to expand investment cooperation.

For his part, Hyder emphasised that the CPTPP membership has helped deepen bilateral ties. He said the current level of trade cooperation is just the beginning, not the limit, and that both sides have ample room for further collaboration.

Praising Việt Nam's goal of expanding trade severalfold, he said Canada hopes to rise higher among investors in Việt Nam and to work closely in the latter's priority areas such as energy and food security, technology and skilled workforce development.

On AI training and digital transformation, Diên said the Vietnamese Ministry of Industry and Trade oversees nine universities and 21 colleges, several of which already teach AI and semiconductor engineering.

Việt Nam aims to train 50,000 semiconductor engineers by 2030, he noted, calling on Canadian firms to partner with Vietnamese institutions in this field.

He underlined that the two countries enjoy strong complementarity and shared benefits under the CPTPP, which expands market access through lowers tariffs, enhanced transparency, and increased dialogue. The bilateral Joint Economic Committee has also been helping remove barriers, facilitate trade promotion and boost business connections.

The Vietnamese Government, he affirmed, is committed to maintaining an open, transparent, and stable investment environment while proactively diversifying markets and strategic partners.

The Ministry of Industry and Trade will provide all possible support for Canadian enterprises seeking to invest and operate in Việt Nam, he pledged. — VNA/VNS