Vietnam is a great market for Canadian businesses

Hanoi [Vietnam], March 29: During her first visit to Vietnam as Canada's Minister of Economic Development, International Trade and Export Promotion, Ms. Mary Ng commented that Vietnam is a great market for Canadian businesses.
On March 28, at a press conference at the Reunification Palace in Ho Chi Minh City, Minister Mary Ng announced that she was leading a trade delegation of more than 300 people including 168 companies, the largest ever of the Canadian government to Vietnam. Nam , is a testament to the success of the two countries' trade relations.
Push from CPTPP
Minister Ng said that the Canadian companies in the delegation to Vietnam operate in the fields of agriculture, processed food, clean technology, green technology, information and communications, digital, and infrastructure. These are extremely important sectors for Canada. They chose Vietnam and traveled far distances to come here because they believed that there were many opportunities waiting for them in Vietnam.
In the ASEAN region, Vietnam is Canada's largest trading partner and Vietnam is also Canada's largest trading partner so far in ASEAN. "We came here because we saw the opportunities and potential in Vietnam. My trip started yesterday in Hanoi. I had the honor of meeting Prime Minister Pham Minh Chinh, Minister of Industry and Trade Nguyen Hong Dien. I co-chair the second meeting of the Joint Committee on Economic Cooperation between the two countries, with the first meeting being held in Vancouver (Canada) in 2022," according to her.
Minister Ng said that the cooperation relationship between Canada and Vietnam has achieved such success thanks to the fact that the two countries are both members of the Comprehensive Progressive Agreement for Trans-Pacific Partnership (CPTPP ) .
Two-way trade turnover in 2023 reaches 14 billion USD, of which Canada's export turnover to Vietnam reaches 776 million USD. These numbers mark a significant increase in trade between the two countries after Canada and Vietnam joined CPTPP.
Great chance
According to Ms. Ng's comments, Vietnam's middle class is growing, and is expected to account for 26% of the total population by 2026. "We see that this is a great market for Canadian businesses and investors to increase their presence in Vietnam. In addition, we strongly welcome Vietnamese businesses to come to Canada to cooperate in doing business." eat," the female minister commented.
"Vietnam is Canada's largest trading partner in the ASEAN region. Coming to Vietnam, we feel the energy of businesses. This is a great opportunity for the trade relationship between the two countries." , and we have high hopes for success in the field of bilateral trade investment," according to her.
Currently, Canada and Vietnam prioritize focusing on a number of areas that have similarities and synergistic values between the two countries, including food security, energy security, and the transition to green energy.
Besides, Canada also wants to have investment opportunities to explore other potentials in relations with Vietnam. She mentioned her visit on March 28 to Ho Chi Minh City Electricity Corporation and witnessed a Canadian company named Brampton providing technology to its Vietnamese partner, avoiding power outages and reducing operating costs.
Another story mentioned by the Canadian minister is that a Canadian company specializing in wastewater treatment signed a pilot contract with the Vietnamese government with the goal of providing a solution to this problem.
Canada-ASEAN FTA
Responding to Thanh Nien 's question about the possibility of Canada's Indo-Pacific strategy bringing more opportunities to both countries in a way that the CPTPP has not yet been able to do, Ms. Ng said the strategy is extremely important to Canada.
"We have invested 2.3 billion CAD (over 5 years starting in 2022) and include trade missions of this type. We aim to build Canada's importance in the region and Vietnam is an extremely important partner of ours," the female minister said.
According to her, Canada is aiming to build a Free Trade Agreement (FTA) with ASEAN. This reflects Canada's desire to build a greater commercial presence in the important region.
Canada also built the first trade office in the Indo-Pacific region, opened an office on agricultural products in the ASEAN region, and moved towards establishing Canada's trade gateway in the region. Indo-Pacific.
In Ho Chi Minh City, Canada will open an office of the Canadian Export Promotion Agency to further strengthen its presence in this area.
Source: Thanh Nien Newspaper