Canada's foreign affairs minister is travelling to Asia for meetings to expand partnerships and engage with nations as part of the government's forthcoming Canadian Indo-Pacific Strategy. (Photo: Canadian Press)

In a recent interview granted to the Vietnam News Agency’s correspondents in Canada, Silva said earlier this year, Canada and Viet Nam established the Joint Economic Committee to advance bilateral trade and economic cooperation.

However, trade as a share of Canada's gross domestic product (GDP) has fallen from 65 percent in 2016 to 60 percent in 2021. Meanwhile, Viet Nam is a growing market for trade and investment in Southeast Asia, and it will be an attractive strategic partner for Canada where economic cooperation will be mutually beneficial for both countries.

Joly’s visit mainly aims to highlight the longstanding bilateral relationship between Canada and Viet Nam as they move towards the 50th founding anniversary of diplomatic ties in 2023, Silva said, adding that the two countries have seen great strides in their relations over the past half century.

Since 2015, Viet Nam has become Canada's largest trading partner in Southeast Asia, creating economic prosperity for both countries, he said.

The trade relations between Viet Nam and Canada continued to grow despite the COVID-19 pandemic, with two-way trade in 2021 exceeding 6 billion USD, up 19 percent year-on-year.

Canada is among the top five study destinations for Vietnamese students, and Viet Nam is among the top five source countries for international students in Canada.

Silva expressed his belief that the bilateral cooperation between Canada and Viet Nam will continue to progress further ahead in the future.

Sharing Silva’s view, David Johnson, Director of the Canada – Vietnam Trade Council, said he believed that in the context that Viet Nam is applying the strategy of "safe adaptation, flexible and effective control of the pandemic”, the Vietnamese economy will recover, and trade, investment and supply chain activities between Viet Nam and Canada will be strengthened.

Canadian businesses expect Joly’s visit to Viet Nam will deepen the relations between the two countries in all fields, especially in economic, investment, and people-to-people ties, he affirmed.

There are many reasons for Canadian businesses to hope for stronger relations with Vietnamese partners, he stressed, adding that Viet Nam's strengths in manufacturing electronics, textiles and other consumer goods have allowed Canadian companies to diversify their sources of supply.

Canadian businesses can look to Viet Nam - a member of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP) - to gain access to the wider region of Asia-Pacific, he noted.