Nearly half a century has seen great strides in Vietnam-Canada relations as Canada and Vietnam established diplomatic relations in 1973, while war was still raging in Vietnam.
Vietnam is now Canada’s largest trading partner in Southeast Asia, contributing to the economic prosperity of both countries. Over the years, Vietnam and Canada have expanded the friendly and cordial relations that exist between the two countries, recognizing that broader and more diverse economic ties will bring mutual benefits to both countries.
Recognizing the importance of open trading systems and foreign investment regimes, taking into account the close cooperation that exists regarding economic, technical and humanitarian assistance through Canada's development cooperation program, the two countries are determined, in particular, to undertake new and continued efforts to strengthen, develop and diversify mutually beneficial cooperation in economic, trade, scientific, technological and human resource development.
Prime Minister Pham Minh Chinh received Canadian Ambassador to Vietnam Shawn Perry Steil for a courtesy visit (Photo: VNA)
The Vietnam-Canada Economic Cooperation Agreement affirms that the two countries will promote activities in their respective economic sectors, efforts to enhance economic, trade, industrial and human resource development cooperation. Expand two-way trade and facilitate access to each other's markets. Facilitate the identification of specific trade and investment opportunities in each country. Strengthen and promote development cooperation to promote the economic reform process in Vietnam, develop the institutional relationship of the two countries and enhance the overall economic relationship between the two sides.
In terms of economic, trade and industrial cooperation, the two sides pledged to share a commitment to market principles regarding international trade and foreign investment. They agreed to encourage and facilitate, in accordance with their respective laws, regulations and policies and on a fair and equitable basis, direct contacts and broader cooperation between business and scientific communities, associations and organizations and government agencies of the two countries.
In economic cooperation, exchange information on economic development priorities, national economic programmes and forecasts and policies and developments affecting economic relations between the two countries. Exchange at the earliest opportunity relevant information on important industrial projects that will be developed in the public sector; Identify and facilitate trade and investment opportunities by: ensuring that laws, regulations, procedures and administrative procedures of general application relevant to any sector covered by the Agreement between the two countries are promptly published or made available to interested persons; Identify specific projects and sectors with potential for cooperation. Inform the respective business communities in the other country of investment opportunities in their respective countries; Both sides always encourage the expansion of cooperation in the financial and banking sector, ensuring that foreign investment and registration procedures are not too burdensome.
Vietnam and Canada agree to assist in identifying appropriate sources of project financing. Facilitate, where appropriate, the organization of industrial fairs, exhibitions and other promotional activities. Encourage business communities, particularly small and medium-sized enterprises, in their efforts to develop joint ventures. Facilitate, in accordance with the laws and regulations in force in each country and on a reciprocal basis, the entry and exit of experts, investors, businesses, scientists and technicians from the public and private sectors as well as the import and export of materials and equipment necessary for activities within the framework of this Agreement. In particular, encourage joint activities between Canadian companies and Vietnamese enterprises and organizations in exporting to third countries. Review trade and investment barriers that may impede the achievement of the objectives of the Agreements with a view to eliminating such barriers.
Garment production line exported to Canada. (Photo: Tran Viet/VNA)
Canada and Vietnam have for many years been expanding the friendly and cordial relations that have existed between them. Recognizing that broader and more diversified economic relations will bring mutual benefits to both countries. Recognizing the importance of open trading systems and foreign investment regimes. Taking into account the close cooperation that exists regarding economic, technical and humanitarian assistance through Canada’s development cooperation program. Determined to undertake new and continued efforts to strengthen, develop and diversify mutually beneficial cooperation in economic, trade, scientific, technical and human resource development.
The Vietnam-Canada Economic Cooperation Agreement affirms that the two countries will promote activities in their respective economic sectors, efforts to enhance economic, trade, industrial and human resource development cooperation. Expand two-way trade and facilitate access to each other's markets. Facilitate the identification of specific trade and investment opportunities in each country. Strengthen and promote development cooperation to promote the economic reform process in Vietnam and Canada and the overall improvement of the economic relationship between the two sides. Regarding economic, trade and industrial cooperation, the two sides have committed to sharing commitments to market principles related to international trade and foreign investment. The two sides agreed to encourage and facilitate, in accordance with the laws, regulations and policies of each country and on the basis of fairness and equality, direct contacts and broader cooperation between business and scientific communities, associations and organizations and Government agencies of the two countries.
In economic cooperation, exchange information on economic development priorities, national economic programmes and forecasts and policies and developments affecting economic relations between the two countries. Exchange at the earliest opportunity relevant information on important industrial projects that will be developed in the public sector; Identify and facilitate trade and investment opportunities by: ensuring that laws, regulations, procedures and administrative procedures of general application relevant to any sector covered by the Agreement between the two countries are promptly published or made available to interested persons; Identify specific projects and sectors with potential for cooperation. The two countries continue to inform their respective business communities in the other country about investment opportunities in their respective countries; The two sides always encourage the expansion of cooperation in the financial and banking sector; ensure that foreign investment and registration procedures are not too burdensome. Vietnam and Canada agree to assist in identifying appropriate sources of project financing. Facilitate, where appropriate, the organization of industrial fairs, exhibitions and other promotional activities. Encourage business communities, especially small and medium-sized enterprises, in their efforts to develop joint ventures. Facilitate, in accordance with the laws and regulations in force in each country and on a reciprocal basis, the entry and exit of experts, investors, businesses, scientists and technicians from the public and private sectors as well as the import and export of materials and equipment necessary for activities within the framework.
In particular, encourage joint activities between Canadian companies and Vietnamese enterprises and organizations in exporting to third countries; review trade and investment barriers that may prevent the achievement of the objectives of the Agreements with a view to eliminating such barriers.
To promote and improve economic cooperation between Canada and the Socialist Republic of Vietnam through appropriate channels consistent with the economic development policies and priorities of each Party, by encouraging, supporting and facilitating: The exchange of information on technology and expertise; the industrial application of research and development results and the transfer of technology to promote the application, adaptation and improvement of existing and high-tech products, processes and management skills. Initiatives to improve quality control and product standards, particularly for export products.
With the potential for cooperation in many fields, after 50 years of establishing diplomatic relations and 5 years of establishing a Comprehensive Partnership, the relationship between the two countries has been raised to a new level. Bilateral trade turnover between the two countries reached 7 billion USD in 2022. Canada is Vietnam's second largest trading partner in the Americas. Vietnam is Canada's largest trading partner in Southeast Asia. Canada is among the top 5 study abroad destinations for Vietnamese students, while Vietnam is currently the leader in Southeast Asia and in the global Top 5 in terms of international students in the North American country. The two sides need to continue to take advantage of the advantages of being members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Vietnam is ready to be a gateway for Canada to expand trade and investment in Southeast Asia, so it can be affirmed that bilateral cooperation between Canada and Vietnam will continue to develop further in the future./.
Cong Dao
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