As part of a working session held on July 22 in Hanoi, VCCI Vice Chairman Nguyen Quang Vinh met with Laurence Newman, the newly appointed Chief Executive Officer of the Canadian Chamber of Commerce in Vietnam (CanCham), to discuss measures to strengthen business connectivity and support Canadian enterprises in expanding their operations in Vietnam

VCCI Vice Chairman Nguyen Quang Vinh and Laurence Newman, CEO of CanCham Vietnam. (Photo: Truong Dang)

Growing Canadian Business Interest in Vietnam

At the meeting, Laurence Newman said that CanCham currently has around 130 members and has observed growing interest among Canadian businesses in the Vietnamese market.

Many enterprises in sectors such as trailer manufacturing and footwear are seeking investment, production, and sourcing opportunities in Vietnam, thereby taking advantage of incentives from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as well as Vietnam’s extensive network of free trade agreements.

CanCham is also strengthening its presence in northern Vietnam. According to Laurence Newman, the organization has established an executive committee in Hanoi, chaired by Jack W., and plans to launch the CanCham Hanoi Chapter in September.

CanCham proposed that VCCI coordinate in inviting Vietnamese businesses to participate in events, organize business networking activities, and introduce potential partners.

VCCI Vice Chairman Nguyen Quang Vinh affirmed that VCCI is ready to maintain long-term cooperation with CanCham, the Embassy of Canada, and business delegations from both countries. The two sides may prioritize cooperation in areas such as agriculture and food, energy, aviation, rules of origin, and the utilization of free trade agreements.

The two sides also expressed expectations that the ongoing negotiations for the Canada–ASEAN Free Trade Agreement will create additional opportunities for trade and investment between Vietnamese and Canadian business communities.

Canada is currently Vietnam’s second-largest trading partner in the Americas, after the United States. Conversely, Vietnam is Canada’s largest trading partner in ASEAN, accounting for approximately 49% of Canada’s total imports from the region, nearly three times higher than Thailand’s share of 16%.

CanCham CEO acknowledges growing interest among Canadian businesses in the Vietnamese market. (Photo: Truong Dang)

According to the Customs authority, Vietnam–Canada trade turnover reached US$8.6 billion in 2025, up 18.8% compared with 2024. Of this figure, Vietnam’s exports totaled US$7.5 billion, an increase of 18.2%, while imports from Canada reached US$1.07 billion, up 23.7%. This marked the first time bilateral trade surpassed US$8.5 billion and imports from Canada exceeded US$1 billion. Two-way trade has doubled over the past four years.

The growth momentum continued in 2026. In the first two months of the year, bilateral trade turnover reached US$1.33 billion, up 20.5% year-on-year. Vietnam’s exports amounted to US$1.2 billion, rising 23.1%, with machinery and equipment exports increasing by 156.8%.

In terms of investment, Canada currently has nearly 300 valid projects in Vietnam, with total registered capital of approximately US$4.87 billion. Since 1990, Canada has provided more than CAD 2 billion in non-refundable aid to Vietnam. During the 2026–2030 period, Canada is expected to continue disbursing approximately CAD 111 million in official development assistance (ODA).

The VCCI Vice Chairman said that VCCI will coordinate with CanCham and the Embassy of Canada to support business delegations, connect partners, and promote specific cooperation projects between the two countries. (Photo: Truong Dang)

Towards Upgrading the Bilateral Relationship Framework

The meeting took place one day after the first phone conversation between Vietnamese Prime Minister Le Minh Hung and Canadian Prime Minister Mark Carney on the evening of July 21.

The two leaders agreed to promote the upgrading of the Vietnam–Canada relationship framework and assigned relevant agencies to coordinate preparations. The two countries established a Comprehensive Partnership nearly 10 years ago.

The two sides also exchanged views on cooperation in law enforcement and high-quality human resource training in areas such as artificial intelligence, quantum technology, and semiconductors.

At the meeting, VCCI and CanCham also discussed the possibility of organizing business promotion activities in connection with high-level visits in the coming period. VCCI said it would coordinate with CanCham and the Embassy of Canada to support business delegations, facilitate partner connections, and promote specific cooperation projects between the two countries.