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Vietnam, Canada discuss joint investment opportunities

November 13, 2020 | 15:03

An online seminar named ‘Vietnam and CPTPP - Opportunities to invest and export furniture’ was organised by the Vietnamese Embassy in Canada on November 10, attracting the participation of more than 100 Canadian and Vietnamese businesses.

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Canada may be the gateway for Vietnamese products to enter other markets of the Americas. (Photo: VOV)

Addressing the event, Vietnamese Ambassador to Canada Pham Cao Phong noted three main factors that serve to make Vietnam an attractive investment destination, including a strategic location in Southeast Asia, radical institutional reforms, and a promising consumer market that is home to over 96 million consumers. Despite the global economic downturn caused by the impact of the novel coronavirus (COVID-19) pandemic during the first half of this year, two-way trade between the two countries has maintained positive growth of 0.1%, VCCI quoted the diplomat.

Vietnam has continuously strived to integrate into the global economy in recent years through the signing of a series of free trade agreements (FTAs) in the Asia-Pacific region. At present, the country is acting as a bridge for Canadian goods and services to reach the 660 million consumers based in ASEAN, as well as other important markets throughout the region, said Ambassador Phong.

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Vietnamese Ambassador to Canada Pham Cao Phong. (Photo: The World and Vietnam)

Meanwhile, Canada may be the gateway for Vietnamese products to enter other markets of the Americas. Thanks to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnamese furniture enjoys a 0% import tax while similar products from other countries in Asia are subject to 6 % - 9% when entering the Canadian market.

According to VOV, Ambassador Phong added that the COVID-19 pandemic will contribute to accelerating effective economic transformation, creating greater opportunities for bilateral and global economic and trade co-operation towards achieving the common goal of sustainable growth and prosperity for the two countries.

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Walter Blocker, who has more than 25 years of experience in the furniture market in Vietnam. (Photo: YPO)

According to Walter Blocker, who has more than 25 years of experience in the furniture market in Vietnam, Vietnam has affirmed its position as a prominent country in ASEAN with a stable government - a very competitive address for business. He also praised the sense of responsibility of Vietnamese workers.

This conference not only provides updates on the business environment and opportunities for Canadian timber businesses in Vietnam, but also an opportunity for Canadian companies and Vietnamese suppliers to connect directly and explore the market, said Nhan Dan.

In 2019, Vietnam was Canada's fifth-largest trading partner in Asia, having imported about US$ 25 million worth of Canadian timber. Vietnam is also the fourth largest furniture supplier to Canada.

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