The sum will be channeled to projects aimed at improving socio-economic conditions of vulnerable groups especially ethnic minority women in the agricultural sector. Part of the funding will be dedicated to addressing the devastating impact of climate change, from weather damage to crops to erosion facing coastal communities.

Since the early 1990s, Canada has granted nearly CAD1.8 billion (about US$1.35 billion) to support Vietnam’s poverty and inequality reduction effort benefitting everyone, especially women and girls, Hussen said at a press conference in Hanoi on January 9.

He assured that Canada is committed to helping Vietnam move towards sustainable and inclusive growth, an objective of Canada’s Indo-Pacific Strategy, in which Vietnam holds an important role.

Canada announced its Indo-Pacific Strategy in late 2022 that targets expanding trade, investment and supply chain resilience.

According to the minister, economic and trade cooperation between Canada and Vietnam has expanded significantly. In the past few years, Vietnam’s economy has been on the rise, spreading geographically and becoming more and more diverse. It is also currently one of the fastest growing economies in the world.

During his meeting with Vietnamese Prime Minister Pham Minh Chinh in Hanoi on January 8, Hussen proposed that the two countries promote ODA cooperation, focusing on a number of priority areas, especially education, climate change response, greenhouse gas emission reduction, and energy transition.

Canada is Vietnam’s third largest trading partner, while Vietnam is Canada’s largest trading partner in ASEAN. Two-way trade turnover in 2022 hit more than US$7 billion, an increase of nearly 17% compared to 2021. Last year saw the trade figure fall slightly to US$6.17 billion due to global impacts.

Canada is Vietnam’s 14th largest investor with 247 projects valued at more than US$4.82 billion.

Source: VOV