Strengthening economic, trade and investment cooperation between Vietnam

In order to further promote economic cooperation and opportunities for connection and trade between businesses and entrepreneurs of Vietnam and Canada, on March 25 in Hanoi, the State Committee for Overseas Vietnamese (Ministry of Foreign Affairs) and the Vietnam Canada Business Association (VCBA) jointly organized the "Business Forum: Strengthening Vietnam - Canada economic relations within the framework of CPTPP".

The forum is of great significance to the business community and enterprises of the two countries, aiming to share useful and practical information about the situation in Vietnam to convey to the Vietnamese community in Canada and Canadian friends and partners.

At the forum, delegates introduced the great potential and opportunities in the field of exporting Vietnamese products to the Canadian market and the North American market through Canada as a gateway.

Tăng cường hợp tác kinh tế, thương mại, đầu tư giữa Việt Nam - Canada thông qua CPTPP

Mr. Nguyen Manh Dong said that the Vietnam Canada Business Association has organized 7 trade promotion, investment and connection activities in Canada and Vietnam. Photo: Diep Truong

In his opening speech, Mr. Nguyen Manh Dong - Deputy Chairman of the State Committee for Overseas Vietnamese (Ministry of Foreign Affairs) said that although the Vietnam - Canada Business Association was recently established (October 2022), it has organized 7 trade promotion, investment and connection activities in Canada and Vietnam. Although these are initial steps, these activities have inspired the business communities of the two countries, bringing specific and practical results. Through trade promotion and investment connection activities organized by the association, the Vietnamese community as well as Vietnamese businesses and entrepreneurs in Canada have had more opportunities to exchange and connect trade.

Currently, Vietnam is Canada's leading trading partner in the ASEAN region, accounting for 44% of Canada's total imports from the region and is Canada's 6th largest trading partner among the 40 Indo-Pacific countries. In 2023, Vietnam exported 9.82 billion USD to Canada. The main export items with rapid growth to Canada in recent times include: Iron, steel, machinery, electrical equipment, garments, footwear, furniture, wooden products... Enterprises in the construction sector also have great opportunities to enter the Canadian market.

At the forum, delegates agreed that the opportunity for Vietnam and Canada to increase trade turnover is still very large as both countries are members of the CPTPP Agreement (Comprehensive and Progressive Agreement for Trans-Pacific Partnership).

At the Forum, delegates agreed that Vietnam has effectively exploited the CPTPP Agreement to accelerate exports to Canada. Photo: Diep Truong

In fact, Vietnam has effectively exploited this Agreement to accelerate exports to Canada, as Vietnamese exports also enjoy incentives under MFN and GSP... The efforts of businessmen of the two countries are also strongly supported by the Vietnamese and Canadian governments.

Mr. Nguyen Quang Trung - former Consul General of Vietnam in Vancouver shared that he has been with the association since its inception and witnessed its growth. With the contribution of the association, more and more large Vietnamese enterprises in Canada have returned to invest in the country as well as large Vietnamese enterprises that have invested in Canada such as: Vinfast, FPT, Vietnam Stones...

However, at the forum, delegates also frankly pointed out the challenges from strict requirements and trade "barriers" that Vietnamese export enterprises face when entering the Canadian market and the North American market through Canada.

Also on this occasion, Ms. Mary Ng, Minister in charge of International Trade, Small Business Export Promotion and Economic Development of Canada led a delegation of 100 senior leaders and Canadian businessmen to visit and work with leaders at all levels, ministries and sectors of Vietnam from March 25-29 in Hanoi and Ho Chi Minh City.

It is hoped that these visits by the Canadian Government and business community will create an important boost, contributing to the more substantial development of bilateral relations, and economic cooperation between the two countries will be expanded and strengthened.

Deputy Minister of Foreign Affairs Le Thi Thu Hang received representatives of the Vietnam - Canada Business Association. Here, Deputy Minister Le Thi Thu Hang commented that the successful organization of the forum will create positive results for economic - trade - investment cooperation between Vietnam and Canada. Photo: Ministry of Foreign Affairs

On the eve of the “Business Forum: Strengthening Vietnam - Canada economic relations within the framework of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)”, Deputy Minister of Foreign Affairs, Chairwoman of the State Committee for Overseas Vietnamese Le Thi Thu Hang received representatives of the Vietnam - Canada Business Association (VCBA) led by Mr. Dan On, Chairman of VCBA.

At the event, Deputy Foreign Minister Le Thi Thu Hang highly appreciated the cooperation between the State Committee for Overseas Vietnamese and the Vietnam-Canada Business Association in organizing the forum. Deputy Foreign Minister Le Thi Thu Hang stated that the successful organization of the forum would create positive results for the economic, trade and investment cooperation between Vietnam and Canada.

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