There is still a lot of room
Director of the Department of Industry and Trade of Binh Dinh province Ngo Van Tong said that in the context of the current volatile world economy, diversifying export markets and exploiting new markets with much room for growth is considered the key to boosting exports. Canada is not only a potential export market but also a "gateway" market to access the North American market. Canada has a very important position in the export market structure of Binh Dinh province. In recent times, Binh Dinh has promoted cooperation between the province and organizations, businesses and partners from Canada and the US through organizing working delegations to visit and work with the governments of these countries.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which took effect in Vietnam from January 14, 2019 has contributed to boosting Binh Dinh province's export turnover in the Canadian and North American markets, with annual export turnover having quite impressive growth rates. The structure of export goods has changed in a positive direction: Strong products such as wood and wood products, agricultural products, seafood, garments, rattan plastic tables and chairs, etc. account for a high proportion of the province's total export turnover to the Canadian and North American markets.
According to Mr. Ngo Van Tong, in 2023, Binh Dinh's export turnover to the North American market will reach 569 million USD, accounting for 96% of the export turnover to the American market (593 million USD) and 35.6% of the total export turnover of Binh Dinh province (mainly the US market and the Canadian market). Particularly for the Canadian market, since the CPTPP Agreement took effect, Binh Dinh's export turnover to Canada has increased 4 times, from 4.1 million USD in 2018 to over 17.2 million USD in 2023, and in 2022 alone, it reached 23.9 million USD.
In 2023, the two-way trade turnover between Binh Dinh and Canada is estimated at 18.7 million USD, of which exports are estimated at 17.2 million USD; imports are estimated at 1.5 million USD. Binh Dinh's main export goods to the Canadian market are mainly seafood, refined wood for interior and exterior decoration, garment products, and plastic products. Despite achieving the above positive results, Binh Dinh is always interested in recognizing the opportunities and challenges to promote the province's import and export activities to the Canadian market in particular and the North American market in general.
Former Consul General of Vietnam in Vancouver Nguyen Quang Trung emphasized that Vietnam is an economic partner playing an increasingly important role in diversifying Canada's trade in the region; this is in line with Canada's Indo-Pacific Strategy. During this time, the Canadian side sent a Canadian Trade Delegation led by Ms. Mary Ng - Minister of Export Promotion, International Trade and Economic Development to learn about business and investment opportunities in Vietnam in key areas such as agriculture, processed food, clean energy, clean technology, information and communication technology, creative industries, etc. In addition to federal cooperation, Canadian provinces and territories have also strengthened the traditional "pivot" policy based on economic relations mainly with the US to other regions.
However, Mr. Nguyen Quang Trung also said that the bilateral trade relationship between Vietnam and Canada still accounts for a rather modest proportion compared to the overall relationship between Canada and the rest of the world and the room for Vietnamese investors in general and Binh Dinh in particular in this market is still very large.
"Come to Binh Dinh to reap success together"
Speaking at the conference, Chairman of Binh Dinh Provincial People's Committee Pham Anh Tuan said that Vietnam and Canada established diplomatic relations on August 21, 1973. In November 2017, the two countries established a Comprehensive Partnership during the official visit to Vietnam by Canadian Prime Minister Justin Trudeau. The Comprehensive Partnership between Vietnam and Canada is a solid foundation for the development of economic relations between the two countries. Since the establishment of the Comprehensive Partnership in 2017 and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership taking effect in Vietnam, the value of import and export turnover between the two countries has grown strongly, the structure of export goods has changed in a positive direction.
In order to enhance investment attraction in Vietnam in general and Binh Dinh province in particular, in recent times, the leaders of Binh Dinh province and the sectors and localities in the province have strengthened the promotion work, attracting domestic and foreign investors and enterprises to invest in the province; at the same time, proactively building and developing friendly relations with state agencies, as well as investment and trade cooperation with Canadian enterprises. Up to now, there have been 2 projects invested by Canadian enterprises in Binh Dinh province, with a total registered capital of 2.72 million USD in the garment sector (SELDAT Vietnam Co., Ltd.), these projects have been effective, contributing to the development of the province. However, in general, the cooperation and investment attraction of Canadian enterprises in Binh Dinh is still quite modest, the fields are not diverse.
According to Mr. Pham Anh Tuan, with the development orientation in the coming time, Binh Dinh province continues to focus on inviting Canadian investors to invest in 5 main pillars, including: Industry; tourism; high-tech agriculture; port services and logistics; urban economy associated with the urbanization process. Priority is given to attracting projects with modern technology, environmentally friendly, efficient use of resources, and products with competitive advantages. In addition, the province focuses on inviting the organization of international-scale sports, trade, tourism, and cultural events to develop the economic sector, marine sports, etc.
With the view of constantly improving and enhancing the quality of the investment and business environment to strive to become an "ideal destination" for domestic and foreign investors, Binh Dinh province has been focusing on developing and perfecting the transport infrastructure system in the whole province, as well as the infrastructure of industrial parks and clusters. According to the approved plan, Binh Dinh province has 15 industrial parks with a total area of about 6,700 hectares, 68 industrial clusters with a total area of nearly 3,500 hectares; of which, Becamex VSIP Binh Dinh Industrial - Urban - Service Park, with an area of nearly 1,400 hectares, has modern and synchronous technical infrastructure, fully and best meeting all conditions for investors' operations.
“Binh Dinh always considers the legitimate interests and success of investors as its own interests and success. Coming to Binh Dinh, businesses and investors will be given every advantage to successfully implement projects and develop sustainably. With all the enthusiasm and dedication for common development, I respectfully request the Vietnam - Canada Business Association to act as a bridge to bring Canadian businesses and investors to Binh Dinh, Vietnam to reap success together," said Mr. Pham Anh Tuan.
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