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Tran Thu Quynh, Vietnamese Trade Counselor in Canada, discussing the possibility of cooperation between Vietnam and Canada, with Aref Salem, a Montreal City Councilor representing the Saint Laurent district. (Photo: VNA)

Vietnam seeks investment cooperation opportunities in Canada

The Vietnam Trade Office in Canada took part in the 2024 MIBIExpo, an international investment promotion exhibition, in Montreal on October 31, to seek investment cooperation opportunities and strengthen trade and investment between Vietnam and Canada.

MIBIExpo serves as a forum to promote business opportunities and connect Canada with the world, creating mutually beneficial partnerships. This year’s event focused on five key areas, namely business investment, real estate, immigration, education, and tourism.

Vietnam’s participation highlights its desire to foster connections and create an ecosystem under existing free trade agreements between the two countries, as well as the upcoming ASEAN-Canada Free Trade Agreement, said Tran Thu Quynh, trade counselor of Vietnam in Canada, cited VOV.

Quynh told Vietnam News Agency that this is the first time the Vietnam Trade Office has attended an overseas industrial and energy investment promotion exhibition. She noted that, in light of Canadian companies’ shifting focus toward domestic production or nearshore partners, Vietnam aims to attract partners with similar advantages under free trade agreements and complementary benefits.

Vietnam and Canada are particularly well-matched in this area, able to support each other and optimize production processes and supply chains, and through MIBIExpo 2024, it hopes that many investors from the Francophone region will discover business opportunities in Vietnam, said the trade official.

Aref Salem, a Montreal City Councilor for district Saint Laurent, highlighted that this forum could connect Montreal businesses with Vietnamese counterparts, noting that while Montreal serves as a gateway to North America, Vietnam is a gateway to Southeast Asia.

Salem commented on Vietnam’s impressive growth and market potential, suggesting that Montreal-based companies expand into Vietnam. Given that Asian communities often build trust before conducting business, this forum can lay the foundation for mutual understanding and confidence.

Vietnam and Montreal now have direct shipping links via the Hai Phong port, facilitating logistics and supply chains. Known for its cultural diversity, Montreal is well-positioned to connect communities and foster business opportunities.

Vietnam’s participation in the exhibition offers new opportunities to expand business and investment cooperation with the Montreal region, while also strengthening trade links between Vietnam and Canada and throughout North America.

Int'l organizations, experts remain optimistic about Vietnam's economic outlook

International organizations and experts have made positive comments on the Vietnamese economy, affirming their optimism about Vietnam's economic outlook.

In its East Asia and Pacific (EAP) Economic Update released in October, the World Bank (WB) predicted that developing economies in the EAP region will continue to grow faster than the rest of the world in 2024, but still slower than before the outbreak of the COVID-19 pandemic.

World Bank East Asia and Pacific Chief Economist Aaditya Mattoo pointed to three factors that may impact regional growth in the coming period - shifts in trade and investment, China's slowing growth trend, and increased uncertainty in global policy.

Amidst the difficult global economic context, HSBC still forecasts that Vietnam's economy will grow 7% in 2024, becoming the fastest growing economy in ASEAN and producing as much new additional GDP as the Netherlands, according to VNA.

Vietnam’s economic growth momentum has been relatively strong, with improvement recorded in multiple sectors, such as imports-exports, retail sales, real estate, tourism, construction, and manufacturing. (Photo: VNA)

Tim Evans, CEO of HSBC Vietnam, said that Vietnam is now also among the world’s 40 largest economies in terms of GDP, and in the top 20 in terms of trade. This progress has led to an increase in per capita income that has risen 43 times to 4,300 USD from 100 USD since the early days of the “Doi moi” (Renewal) cause.

Pointing to two major game-changers that are impacting the world - technological advancements and climate change, Evans said that Vietnam has a strong appetite for digital consumption. Demographic tailwinds include a population of over 100 million and a workforce that is 70% of the total population. The rapid rise in internet users also helps drive the adoption of the digital market. Almost 80% of Vietnam’s population now use the internet, thanks to smartphone ownership that has doubled from a decade ago, he noted.

He added that climate change, which is a severe challenge to Vietnam, also represents a huge opportunity for the country and its corporate sector. Vietnam's renewable energy potential is huge given its conducive conditions and the government's pledge to achieve net zero by 2050, said the expert.

Meanwhile, in its latest economic update on Vietnam, Standard Chartered raised its 2024 GDP growth forecast for Vietnam to 6.8% from 6% thanks to better-than-expected third-quarter GDP results.

The bank’s economists said Vietnam’s economic growth momentum has been relatively strong, with improvement recorded in multiple sectors, such as imports-exports, retail sales, real estate, tourism, construction, and manufacturing. Trade recovery and increased business activities and foreign investment will be the main boosters for 2025 and beyond, they added.

Vietnam attaches importance to strengthening relations with Cuba

The Party, State, and people of Vietnam always highly value the close, exemplary, and rare brotherly relationship with Cuba, Party General Secretary To Lam told Esteban Lazo Hernández, President of the Council of State and President of the Cuban National Assembly, in Hanoi on November 2.

Receiving the Cuban leader, To Lam emphasized Vietnam’s determination to strongly enhance the effectiveness of comprehensive cooperation between the two Parties, countries, and peoples, in the interest of both countries and for peace, stability, and global development.

Sharing his empathy for challenges that the Cuban Party, State, and people are striving to overcome, he called for the removal of the unilateral blockade and embargo against Cuba and advocated for Cuba to be removed from the list of state sponsors of terrorism.

To Lam expressed his pleasure at the positive developments in Vietnam-Cuba relations in recent times, which include initial efforts and results in implementing the agreements reached during his recent visit to Cuba.

He appreciated the directions of First Secretary and Cuban President Miguel Díaz-Canel, as well as other Cuban leaders, in translating the visit’s outcomes into concrete measures and solutions.

The General Secretary welcomed the results of November 2 talks between National Assembly Chairman Tran Thanh Man and Cuban National Assembly President Esteban Lazo Hernández, and agreed with the Cuban leader's proposals on cooperation in fields where both sides have strengths and needs, VOV reported.

Party General Secretary To Lam (R) shaking hands with Cuban National Assembly President Esteban Lazo Hernández ahead of their meeting in Hanoi on November 2.

He suggested that the two countries continue to maintain exchanges and visits at all levels, strengthen cooperation between their legislative bodies and Governments, boost people-to-people exchanges, and promote collaboration between various sectors and localities.

Hernández for his part spoke highly of Vietnam’s international standing and role, and voiced his strong confidence that Vietnam will continue to achieve its set goals.

He reiterated that To Lam’s recent visit to Cuba was a significant source of encouragement and support for Cuba in its challenging circumstances. He also informed that the Cuban Party and State leaders are consistently directing the implementation of the agreements made during this visit, with specific measures in place to overcome difficulties in economic, trade, and investment cooperation between the two countries.

The Cuban National Assembly President reaffirmed the solidarity and special bond that the Cuban Party, Government, and people have with Vietnam and expressed gratitude for the support extended to the Cuban people in recent times. He expected that the two countries would continue enhancing cooperation across various fields, with political and diplomatic relations serving as the foundation.

Binh Duong creates favorable conditions for investors

On November 1, the People's Committee of Binh Duong Province organized a dialogue with the participation of more than 100 Korean enterprises operating in the province.

The meeting aims to listen to opinions and remove obstacles for enterprises.

The event was co-chaired by Mai Hung Dung, Permanent Vice Chairman of the People's Committee of Binh Duong Province; Shin Choong Il, Consul General of the Republic of Korea in Ho Chi Minh City; and Lee Bong Hee, Senior Vice President of the Association of Korean Investment Enterprises in Binh Duong, cited NDO.

Over 100 Korean enterprises operating in Binh Duong attended the event.

At the event, in addition to grasping more information about the socio-economic situation of the province, the associations and enterprises from the Republic of Korea also updated on what the provincial government has done, is doing and will continue to do in the coming time; thereby enhancing understanding, sharing community responsibility for mutual development.

Speaking at the dialogue, the Permanent Vice Chairman of Binh Duong Provincial People's Committee, Mai Hung Dung, highly appreciated the Korean business community in Binh Duong for its vital contributions to the province's development.

At the same time, the province is committed to creating the best environment and conditions for the business community, including foreign enterprises, to operate smoothly and continuously grow.

In the coming time, the province will strengthen the direction of all levels and sectors to focus on ensuring political security, social order and safety, creating conditions for businesses to feel secure in investing, producing and working in Binh Duong.

Vietnamese delegation for ASEAN-Japanese Youth Program ready to sail

The 48th Ship for Southeast Asian and Japanese Youth program (SSEAYP) will take place from November 4 to December 11.

One hundred and sixty eight delegates from all ASEAN member countries and Japan will participate, with East Timor delegates joining as observers.

Launched in 1974 as a joint project between Japan and ASEAN member countries, SSEAYP is an annual international youth exchange program organized collaboratively by the Government of Japan and the 10 ASEAN member countries.

The program aims to promote friendship and mutual understanding among the youths of Japan and Southeast Asian countries, broaden their perspectives on the world and strengthen their spirit of international cooperation and practical skills for international cooperation.

The program offers young people from ASEAN and Japan opportunities to join discussion programs and engage in cultural exchange activities together on board the ship named Nippon Maru, as well as courtesy calls, homestays and field study in some ASEAN countries.

Over the past 50 years, SSEAYP has become a symbol of international unity and connection, linking youth from Japan and Southeast Asia, VNA reported.

The Vietnamese delegation participating in SSEAYP 48. (Photo: Courtesy of SSEAYP Vietnam)

Under the program theme 'Youth Participation,' delegates join six discussions, including Soft Power and Youth People to People Diplomacy, Economic Growth and Sustainable Community, Global Environment and Climate Change, Disaster Risk Reduction and Recovery, Good Health and Well-being and Digital Society.

Vietnam officially joined SSEAYP in 1996, after becoming a member of ASEAN in July 1995.

Since then, the Vietnamese contingent has left a profound and special mark on the program.

In 2024, Vietnam celebrates its 25th year of participation in the program. The National Committee on Youth of Vietnam has hosted the SSEAYP ship in HCM City 18 times.

In response to an invitation from Japan's Cabinet Office, the Central Youth Union of the Ho Chi Minh Communist Youth Union and the National Committee on the Youth of Vietnam have dispatched 17 outstanding youth representatives from diverse age groups and professions, showcasing the vibrant, progressive and committed spirit of young Vietnamese.

This year, SSEAYP 48th will dock in three countries, including Japan, Vietnam and Indonesia.

The Vietnamese delegation participating in SSEAYP 48 has chosen the theme 'Shining Vietnam' to share with fellow participants from other countries and the community.

The logo combines traditional textile patterns, the imagery of the sun and vibrant colors that represent Vietnam's aspirations for sustainable development while maintaining its rich cultural identity and national spirit.

They aim not only to showcase the beauty of the country and its people but also to embody the youthful and dynamic spirit of Vietnamese youth on this international exchange journey.

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