Việt Nam, Canada look to boost trade cooperation

The meeting ushered in a new chapter in the dialogue between the two governments, helping to deepen the Comprehensive Partnership, with economic cooperation being an important pillar, especially in the realms of freight and logistics services and international shipping.

HÀ NỘI — The Việt Nam – Canada Economic Joint Committee opened its second meeting in Hà Nội on Wednesday, looking to enhance trade and investment collaboration with a significant focus on freight company engagement and cargo logistics services.

At the second meeting of the Việt Nam – Canada Joint Economic Committee. VNA/VNS Photo

In his opening remarks, Minister of Industry and Trade Nguyễn Hồng Diên affirmed that the two countries have witnessed a quantum leap in relations, elaborating that trade and investment exchange has enjoyed positive growth, bolstered by the logistics and shipping service companies sector after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to which Việt Nam and Canada are members, took effect.

He held that there is huge room for the two countries to boost cooperation, given the complementary nature of the two economies together with the collaboration frameworks that they have established. This includes the potential for international shipping and logistics to streamline cargo freight shipping and freight delivery services.

Against this backdrop, the joint committee has an important role to play in promoting bilateral cooperation in the areas of economy, trade, investment, and notably in logistics business and global transport services. He stressed the need for the committee to work towards consolidating and strengthening the bilateral supply chain through reviewing the cooperation, removing roadblocks, and identifying solutions and priorities in the coming time, particularly in freight and shipping.

Meanwhile, Canadian Minister of International Trade, Export Promotion, Small Business and Economic Development Mary Ng spoke highly of Việt Nam’s leading position in Canada’s Indo-Pacific Strategy (IPS) which was announced in November 2022. She said that she is leading a commerce delegation with 250 members from nearly 200 enterprises to Việt Nam from March 26 to 29 to connect trade and investment opportunities and fortify the supply chain with Việt Nam so as to realize the IPS’s targets, with a keen focus on cargo delivery companies and logistics service providers.

Co-chaired by Deputy Minister of Industry and Trade Phan Thị Thắng and Deputy Minister of International Trade Rob Steward, the meeting covered various issues, including freight forwarding, international logistics services, and the role of the world’s biggest logistics companies in facilitating overseas shipments and enhancing economic ties.

Attending the event, the Business Council of Canada, the Canada-ASEAN Business Council, and the Việt Nam Chamber of Commerce and Industry suggested the Government create favorable conditions for freight and logistics companies, including shipping company logistics and cargo & logistics services, to develop their trade and investment ties in a stronger and more effective manner in the time ahead.

The joint economic committee, established in January 2022, held its first meeting in Vancouver in July after countries opened their border after COVID-19. The meeting created a new dialogue between the two governments, helping to deepen the Comprehensive Partnership, with economic cooperation being an important pillar. — VNS