On June 5, the third meeting of the Vietnam - Canada Joint Economic Committee (JEC 3) was held in Ottawa, Canada, under the co-chairmanship of Phan Thi Thang, Deputy Minister of Industry and Trade of Vietnam, and Arun Thangaraj, Deputy Minister of Foreign Affairs at Global Affairs Canada.

Robust growth in bilateral trade

The Vietnamese delegation included Pham Vinh Quang, Ambassador Extraordinary and Plenipotentiary of Vietnam to Canada; representatives from the Ministry of Industry and Trade, Finance, Foreign Affairs, Agriculture and Environment, Construction and National Defense; the Departments of Industry and Trade of Hanoi and Ho Chi Minh City; and representatives from Vietnam Engine and Agricultural Machinery Corporation, Viettel Group and the College of Industrial Techniques.

The Canadian side was represented by Associate Deputy Minister Weldon Epp and Associate Deputy Minister Aaron Fowler, who coordinated the discussion sessions, along with the Ambassador Extraordinary and Plenipotentiary of Canada to Vietnam and representatives from Global Affairs Canada, the Department of National Defense, Natural Resources Canada, Transport Canada, Agriculture and Agri-Food Canada, and the Department of Finance Canada.

Against the backdrop of continued volatility in the global economy, the restructuring of global supply chains and growing demands for economic breakthroughs, energy security and sustainable development, both sides reaffirmed the increasingly important role of the Joint Economic Committee mechanism in advancing bilateral cooperation and further deepening the Vietnam - Canada Comprehensive Partnership established in 2017.

Addressing the meeting, Deputy Minister Phan Thi Thang said economic ties between Vietnam and Canada had continued to develop in a positive and substantive manner. Bilateral trade reached nearly USD 8.6 billion in 2025, maintaining strong momentum since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) entered into force. In particular, Vietnam’s exports to Canada rose by 18.2% in 2025 to USD 7.5 billion and expanded by 25% in the first four months of 2026.

Meanwhile, Canada’s exports to Vietnam increased by 24% in 2025 and surged by 62% year-on-year in the four months of 2026, reflecting the increasingly complementary nature of the two economies and the effectiveness of efforts to strengthen bilateral trade and investment cooperation.

From policy dialogue to concrete action

Sharing the same view, Deputy Minister Arun Thangaraj spoke highly of the positive progress in bilateral economic relations and affirmed that Vietnam is Canada’s largest and fastest-growing trading partner in Southeast Asia.

He stressed Canada’s desire to further expand cooperation with Vietnam in trade, investment, supply chains, critical minerals, clean energy, innovation and infrastructure, while reaffirming Canada’s commitment to working closely with Vietnam to effectively implement the outcomes of the meeting.

During the meeting, the two sides reviewed the state of bilateral economic cooperation and agreed to focus on three priorities: (i) diversifying trade and investment, maximizing the benefits of the CPTPP, supporting an open trading system and accelerating negotiations on the ASEAN-Canada Free Trade Agreement (ACAFTA); (ii) strengthening cooperation in strategic industries, including critical minerals, high technology, innovation, digital transformation and strategic supply chains; and (iii) expanding cooperation in energy, infrastructure and green growth, including clean energy, LNG, logistics, digital infrastructure and sustainable development.

One of the key outcomes of the third meeting was the shift of the Joint Economic Committee mechanism toward more substantive and action-oriented cooperation. Two working groups, the Working Group on Trade, Finance and Strategic Industries for Resilience and Diversification, and the Working Group on Fostering Growth through Enhanced Connectivity in Energy, Green Transition, Transport and Logistics finalized and adopted Action Plans for 2026 - 2028. These plans set out priority areas and implementation mechanisms, providing a solid foundation for advancing bilateral initiatives effectively.

Both sides highly appreciated the role of the working groups in maintaining technical dialogue and promoting cooperation in key areas, and agreed to continue making full use of the mechanism to ensure the effective implementation of the meeting’s outcomes.

At the conclusion of the meeting, Deputy Minister Phan Thi Thang and Deputy Minister Arun Thangaraj signed a Joint Statement, adopted the Action Plans for 2026 - 2028 and agreed to hold the fourth meeting of the Joint Economic Committee in Vietnam in 2028.

The third meeting reaffirmed the determination of both Vietnam and Canada to strengthen economic cooperation, deepen the Comprehensive Partnership and lay the groundwork for a new phase of bilateral relations in the years ahead.

On the sidelines of the meeting, the Vietnam Trade Promotion Agency and the Trade Facilitation Office Canada (TFO Canada) signed the project document for the “Trade Support for Inclusive, Sustainable and Resilient Economic Growth” (TRISEG) initiative in Vietnam for the 2026 - 2030 period. 

Under the agreement, the Vietnam Trade Promotion Agency will serve as TFO Canada’s strategic and sole partner in Vietnam in implementing the project, which aims to support Vietnamese small and medium-sized enterprises, particularly women-led businesses, in strengthening their production and export capabilities in key agricultural sectors.