Vietnam and Canada have elevated their diplomatic relations to a strategic partnership, signaling a commitment to deepen collaboration across various sectors. This announcement was made during Vietnamese President To Lam’s state visit to Canada, where he emphasized the mutual interests of both nations in reinforcing resilience, diversifying partnerships, and upholding a rules-based international order.
Canadian Prime Minister Mark Carney expressed his approval of the upgraded relationship, highlighting the progress made since a 2017 cooperation agreement that covered investment, defense, and academia. The new strategic partnership is set to enhance cooperation in energy, agriculture, defense, and foster stronger people-to-people connections, according to Canadian officials.
The economic relationship between the two countries is significant, with Vietnam standing as Canada’s largest trading partner in Southeast Asia. Last year, the two-way merchandise trade surpassed $20 billion. Canada’s exports to Vietnam largely consist of food, metals, and fertilizers, while Vietnam exports electronics, clothing, furniture, and footwear to Canada.
Both nations are also participants in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which aims to expand trade and economic collaboration across the Asia-Pacific region. This framework provides a basis for further economic integration and cooperation.
The strategic partnership is timely, as both Vietnam and Canada seek to diversify their trade and supply chains amidst global economic uncertainties. This move also aligns with Vietnam’s efforts to broaden its international economic ties beyond its reliance on major markets.