Ho Chi Minh City, Canadian Province of British Columbia Boost Ties
|Vice Chairman of the Ho Chi Minh City People’s Committee Vo Van Hoan receives Jagrup Brar, Minister of State for Trade at the Ministry of Jobs, Economic Development and Innovation in the Canadian province of British Columbia. Photo: VNA|
Vice Chairman of the Ho Chi Minh City People’s Committee Vo Van Hoan on May 25 hosted a reception for Jagrup Brar, Minister of State for Trade at the Ministry of Jobs, Economic Development and Innovation in the Canadian province of British Columbia, where they discussed orientations to promote trade and investment cooperation, VNA reported.
Canada currently ranks 22nd out of 117 countries and territories investing in the southern largest economic hub with 113 projects worth about USD 130 million. Last year, despite the negative impacts of Covid-19, two-way trade turnover hit some USD 630 million, an annual increase of more than 30%, according to the Vice Chairman.
Hoan said the outcomes, however, have yet to be on par with their potential for cooperation and expressed his hope to boost the city’s collaboration with Canadian provinces, including British Columbia, particularly in commerce and investment.
HCM City is willing to work closely with British Columbia in green growth areas where the city has demand and the Canadian province has advantages such as human resources training and waste treatment.
For his part, Brar said the two localities have seen strong progress in their trade ties and informed his host on the upcoming opening of the British Columbia trade-investment office in HCM City.
Canada and Vietnam share ample room for economic cooperation, especially in climate change, agriculture, and forestry, and the good relationship between the two countries people serves as a good foundation for closer joint work between the two localities in the future, he noted.
|The Province of British Columbia (Canada) has opened a new trade and investment office in Vietnam as part of a new international trade strategy.|
On behalf of British Columbia Government, Brar officially opened British Columbia’s new Trade & Investment Office in Ho Chi Minh City on May 26, as part of the new Trade Diversification Strategy to support more good jobs and opportunities for British Columbia and Vietnamese businesses to work together.
According to Vietnam Economic News, the new Trade Diversification Strategy identifies key actions to increase export and investment opportunities in three new targeted markets, while expanding in existing markets.
"We know that B.C.'s success is linked to international trade and business we do around the world, including Vietnam," said Brar. "That's why, through this strategy and our office in Ho Chi Minh City, we're leveraging our competitive advantage and working closely with B.C. businesses, industries, and community partners to deliver high-quality, made-in-B.C. goods and services that people need. We look forward to strengthening our relationship with Vietnam."
"Having a trade office in Vietnam increases support for B.C. businesses to access the Vietnamese market, creates more opportunities and well-paid jobs, and generates clean and inclusive economic growth here at home," said Brenda Bailey, Minister of Jobs, Economic Development and Innovation. "By expanding our trade relationships, and promoting B.C.'s innovative, sustainable products and services internationally, we are continuing our work to support businesses and people in both jurisdictions."
“I had the honor of joining the BC Government to announce the opening of the FII office in Binh Duong Province last year, which supports the strong furniture-making industry, and is also a vivid example of our two-way economic relationship,” said the Vietnamese Consul General in Vancouver Nguyen Quang Trung.
The opening of B.C.’s new Trade and Investment Representative office in Vietnam demonstrates not only our fast-growing economic partnership but also the B.C. Government’s determination to support more good jobs and opportunities for both B.C. and Vietnamese businesses. This announcement will surely help cement our great existing relationship this year, especially as we celebrate the 50th anniversary of our diplomatic relations, Nguyen added.
Last month, British Columbia also opened a Forestry Innovation Investment (FII) office in Vietnam’s southern province of Binh Duong.
The FII office in Binh Duong, a major industrial hub, is the third of its kind set up overseas by British Columbia with a view to ensuring a supply of sustainable softwood products with origin certified in Vietnam.
Trade between Vietnam and the Canadian province neared CAD 2 billion (about USD 1.6 billion) in 2021.
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