Vietnam and Canada have elevated their bilateral relationship to a strategic partnership, emphasizing enhanced cooperation across multiple sectors including trade, energy, agriculture, defense, technology, and education. The announcement was made by Vietnamese President To Lam during his state visit to Canada, underscoring the shared interests of both nations in strengthening resilience, diversifying partnerships, and upholding a rules-based international order.
Canadian Prime Minister Mark Carney expressed support for the upgraded ties, highlighting the growth in bilateral relations since a 2017 cooperation agreement which covered investment, defense, and academia. Canadian officials indicated that the new partnership would particularly focus on energy, agriculture, and defense cooperation, as well as fostering stronger people-to-people connections.
This strategic partnership comes at a time when both countries are looking to diversify their trade and supply chains amidst increasing global economic uncertainty. Vietnam is Canada’s largest trading partner in Southeast Asia, with merchandise trade between the two countries surpassing $20 billion last year. Canada primarily exports food, metals, and fertilizers to Vietnam, while importing electronics, clothing, furniture, and footwear.
Both Vietnam and Canada are also part of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which offers a framework to broaden trade and economic collaboration across the Asia-Pacific region. This new phase of partnership aims to capitalize on the opportunities provided by the CPTPP and further bolster economic ties.
For Vietnam, expanding international economic relationships is a strategic move to reduce reliance on major markets. The partnership with Canada is a step towards achieving a more diversified economic network.