VN, Canada discuss boosting trade
VN, Canada discuss boosting trade
Officials from Viet Nam and Canada discussed boosting trade and mutual investment between the two countries at a seminar in Toronto on Thursday.
Kathleen Wynne, Premier of Ontario, said she welcomed the growing trade relationship between the two countries and hoped to facilitate connections between business communities.
She noted that many Canadian businesses have successfully operated in Viet Nam, and for years the province of Ontario has welcomed many firms and delegations from Viet Nam to explore cooperation and investment opportunities in areas such as healthcare, infrastructure and aviation.
Viet Nam’s Ambassador to Canada, Nguyen Duc Hoa, affirmed that such cooperation can be expanded onto other fields. According to Hoa, bilateral trade has yet to reach its potential, partly due to each country’s insufficient understanding of the market and investment policies of the other.
Therefore, the seminar’s objective is to promote potential utilisation, trade expansion and bilateral cooperation.
Hoa said the event is also an opportunity for businesses from both countries to discuss new approaches, initiatives and business strategies.
During his presentation, former Canadian Ambassador to Viet Nam David Devine said that there are also many challenges for Canadian businesses in Viet Nam, such as the language barrier, cultural differences, navigating the investment environment, market misunderstandings and administrative procedures.
According to Devine, Canadian businesses should push forward cooperation with the Viet Nam partners to better integrate into the Vietnamese market and tackle remaining problems.
Bilateral trade between Viet Nam and Canada has grown impressively in recent years with total turnover reaching nearly $5 billion in 2016. Viet Nam is Canada’s top trade partner in ASEAN.
Canada’s exports to Viet Nam include a variety of products, from agriculture crops, wood and wood by products, pharmaceuticals, wine and spirits to marine services and clean technology. Vietnamese goods of the same types are also available in the Canadian market.
The forum included three discussion panels on supporting services for Canadian exporters, export prospects for multinational enterprises and local small and medium enterprises.
Most of the attendants expressed their desire for full and comprehensive information on business investment in Viet Nam.
The seminar on Thursday took place just two weeks before Canadian Prime Minister Justin Trudeau will visit Viet Nam for the APEC Summit in Da Nang City.
Shortly after Trudeau’s visit, Wynne is expected to lead a Canadian business delegation to Ha Noi and HCM City from December 3 to 6, 2017 to promote further business cooperation in both the public and private sectors.
Also attending the seminar were Canada’s Minister of International Trade Michael Chan, representatives from the Canada-Viet Nam Trade Council and both countries’ businesses, universities and research institutes.
