Calling on Canadian investors to invest in 5 main pillars

Canada - "Gateway" to access the North American market

On the morning of March 28, in Quy Nhon city, the People's Committee of Binh Dinh province coordinated with the Vietnam - Canada Business Association (VCBA) to organize a Trade Promotion Conference with the Vietnam - Canada Business Association (VCBA).

Trade Promotion Conference with Vietnam - Canada Business Association held in Binh Dinh.

Mr. Ngo Van Tong - Director of the Department of Industry and Trade of Binh Dinh province 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. Therefore, in recent times, Binh Dinh has promoted cooperation between the province and organizations, businesses and partners in Canada and the US through organizing delegations to visit and work with the governments of these countries to enhance trade promotion and investment promotion activities.

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 the Director of the Department of Industry and Trade of Binh Dinh, in 2023, the export turnover of Binh Dinh enterprises 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 province'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.

Mr. Ngo Van Tong - Director of Binh Dinh Department of Industry and Trade.

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 such positive results, Binh Dinh is always interested in recognizing 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," said Mr. Tong.

Mr. Nguyen Quang Trung - Former Consul General of Vietnam in Vancouver, Canada said that the investment cooperation trend of Canada is very suitable for the promotion and investment calling plan of Binh Dinh. This is a province with many favorable infrastructure conditions such as seaports, airports, national highways, Becamex Binh Dinh industrial park... The fields of cooperation in education, labor, tourism... are also potential fields with Canada, including provinces such as: BC, Alberta..

"However, 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 there is still a lot of room for Vietnamese investors in general and Binh Dinh in particular in this market," Mr. Trung acknowledged.

Calling for investment in 5 main pillars

Mr. Pham Anh Tuan - Chairman of Binh Dinh Provincial People's Committee informed that 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 promotion activities, 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.

Mr. Pham Anh Tuan - Chairman of Binh Dinh Provincial People's Committee

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 and contributed to the development of the province. Although initial positive results have been achieved, in general, the cooperation and investment attraction of Canadian enterprises in Binh Dinh is still quite modest, the fields are not diversified, the value of exported goods to Canada is still quite modest, the market share is not commensurate with the potential, strengths and desires of both sides.

"Hopefully in the near future, Binh Dinh province will welcome a new wave of investment with a series of projects from Canada after today's conference," said Mr. Tuan.

According to the Chairman of Binh Dinh Provincial People's Committee, 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.

Binh Dinh continues to focus on inviting Canadian investors to invest in 5 main pillars.

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. "I propose that the Vietnam - Canada Business Association act as a bridge to bring Canadian businesses and investors to Binh Dinh, Vietnam, to reap the successes that await," said Mr. Tuan.

At the Trade Promotion Conference with the Vietnam - Canada Business Association (VCBA), delegates discussed issues related to trade, difficulties and obstacles, necessary conditions to access and trade with the North American and Canadian markets; the trade promotion situation and the export situation of Binh Dinh province to the Canadian and North American markets; consumption trends in the Canadian market, methods of exporting goods to Canada and plans to display Vietnamese products in Canada.

Within the framework of the Trade Promotion Conference with the Vietnam - Canada Business Association (VCBA), there is also a space for "Economic exhibition, investment destinations, combined with displaying typical products, OCOP products of Binh Dinh province".

Source: https://congthuong.vn/binh-dinh-moi-goi-nha-dau-tu-canada-dau-tu-vao-5-tru-cot-chinh-311312.html