Vietnam-Canada Investment Forum Eyes Cooperation Opportunities

Director of the Canada-Vietnam Trade Council said that Canadian businesses place great faith in Vietnam's investment environment and potential.
April 09, 2022 | 07:46
Vietnam-Canada Investment Forum Eyes Cooperation Opportunities
Canada can be the door for Vietnamese goods to penetrate the US and Mexican markets. Photo: VNA

On April 7, the Vietnamese Embassy in Canada, the Canada-Vietnam Trade Council and the Canada-ASEAN Business Council organized the Vietnam-Canada Investment Forum, attracted the participation of 200 delegates.

The Vietnam-Canada Investment Forum is part of a series of events organized by the Vietnamese Embassy in Canada in recent years to strengthen economic diplomacy, contributing to the country's development.

Currently, the economies of Vietnam and Canada are showing good signs of recovery. Vietnam's economic growth rate is estimated to increase by 5.03% in the first quarter of this year.

Canada's GDP grew 6.7% in the last quarter of last year. Currently, both countries are applying a safe adaptation strategy to the Covid-19 pandemic.

In this context, the Vietnam-Canada Investment Forum is a great opportunity for Vietnam to attract investment, and strengthen the supply chain between the two sides, amid the uncertain world situation.

Over the past two years, despite the Covid-19 pandemic, the development of the friendship and comprehensive cooperation between the governments and peoples of the two countries has been maintained.

Meetings, phone calls and exchange of letters between Vietnamese Prime Minister Pham Minh Chinh and Canadian Prime Minister Justin Trudeau, as well as between leaders of ministries and branches of the two countries, created a favorable basis for economic linkages.

Ambassador Pham Cao Phong said that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) of which both are founding members has facilitated their trade, investment and supply chain.

According to him, Vietnam is an attractive destination for investment and business activities. This is thanks to its political and economic stability, geographical location, favorable environmental and land conditions, dynamic and abundant human resources and many other factors.

Vietnam has improved business and investment policies, and developed master plans such as "Make in Vietnam 2025", and the Vietnam Industrial Development Strategy to 2025, with a vision to 2035 to realize its long-term growth potential.

Parliamentary Assistant to the Minister of Economic Development, Job Creation and Trade Laurie Scott, said that Ontario hopes to consolidate its relations with Vietnam, which has been Canada's biggest trade partner in ASEAN since 2015.

Vietnam-Canada Investment Forum Eyes Cooperation Opportunities
The Canada-Vietnam Trade Council expects more Vietnamese investors to be interested in the Canadian market. Photo: VNA

Two-way trade between Ontario and Vietnam hit nearly 6 billion CAD (US$4.76 billion) in 2021, accounting for over 50 percent of the two countries' total trade value.

Vietnam, with its strong GDP growth, is now an important market for Ontario - Canada's most populous province.

As Ontario strives to diversify its international trade, the province's administration sees real opportunities for businesses in the financial services, information and communications technology, and infrastructure.

Vietnam can act as a bridge for Canadian businessmen to the 14 other members of the Regional Comprehensive Economic Partnership (RCEP) - a huge market with about 30% of the world's population (2.2 billion people), accounting for 30% of global GDP (US $26.2 trillion).

Canada can be the door for Vietnamese goods to penetrate the US and Mexican markets - members of the US-Mexico-Canada Agreement.

At the forum, representatives from the two countries' companies such as FPT Canada, Manulife Vietnam and Dan On Food Canada shared their experience in market approach.

David Johnson, director of the Canada-Vietnam Trade Council, said Canadian businesses place great faith in Vietnam's investment environment and potential.

The Canada-Vietnam Trade Council also expects more Vietnamese investors to be interested in the Canadian market - a country considered a leader in energy and agriculture, strong in logging and seafood processing.

The Vietnam-Canada Investment Forum is considered a "meeting point" for officials of the two countries, as well as the business community. They seek solutions to increase investment flows in both the public and private sectors, unlock the potential for cooperation, and deepen the bilateral friendship.

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