Vietnam and Canada have agreed to strengthen bilateral economic cooperation through a new Action Plan for 2026-2028, marking a shift toward a more action-oriented and substantive phase of engagement under the Vietnam-Canada Joint Economic Committee (JEC).
The agreement was reached during the third meeting of the Vietnam-Canada Joint Economic Committee held in Ottawa, where both sides identified three strategic priority areas to guide future collaboration.
The first priority focuses on diversifying trade and investment, maximizing opportunities under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), supporting an open and rules-based trading system, and accelerating negotiations on the proposed ASEAN-Canada Free Trade Agreement (ACAFTA).
Bilateral trade between Vietnam and Canada reached nearly $8.6 billion in 2025, reflecting sustained growth since the CPTPP entered into force and highlighting the expanding economic relationship between the two countries.
The second priority area centers on strengthening cooperation in strategic industries, including critical minerals, advanced technology, innovation, digital transformation, and resilient supply chains. Both countries see these sectors as essential to enhancing competitiveness and supporting long-term economic growth.
The third pillar focuses on expanding collaboration in energy, infrastructure, and green growth. Areas identified for increased cooperation include clean energy development, liquefied natural gas (LNG), logistics, digital infrastructure, and broader sustainable development initiatives.
The meeting was co-chaired by Phan Thi Thang and Arun Thangaraj. The next Joint Economic Committee meeting is scheduled to take place in Vietnam in 2028.
On the sidelines of the meeting, Vietnam’s Trade Promotion Agency and the Trade Facilitation Office Canada signed project documents for the Trade Support for Inclusive, Sustainable and Resilient Economic Growth (TRISEG) initiative for the 2026-2030 period.
Under the agreement, the Trade Promotion Agency will serve as the sole strategic partner of TFO Canada in Vietnam for the implementation of the project. The initiative aims to strengthen the production and export capabilities of Vietnamese small and medium-sized enterprises (SMEs), with a particular focus on women-led businesses operating in key agricultural sectors.
The new action plan reflects both countries’ commitment to expanding economic ties, promoting sustainable growth, and creating new opportunities for trade, investment, and innovation in an increasingly dynamic global economy.
