Bình Định seeks investments from Canada in 5 key sectors
Bình Định seeks investments from Canada in 5 key sectors
Given the ongoing global economic fluctuations, Canada is recognised as a promising export market for Vietnamese businesses to explore new opportunities and a gateway to enter the North American market, Ngô Văn Tổng, director of Bình Định Department of Industry and Trade, said at an investment promotion conference in Bình Định Province.
Participants at the investment promotion conference in Bình Định Province on Thursday morning. — Photo baophapluat.vn |
The event, launched on Thursday morning, is hosted by Bình Định Province People's Committee and the Vietnam-Canada Business Association (VCBA). The conference is themed "Canada: Gateway for Vietnamese Businesses to Access the North American Market."
Việt Nam has been Canada's largest trading partner in Southeast Asia for almost a decade, with Việt Nam exporting over US$9 billion worth of goods to Canada in 2022. However, due to the global economic slowdown, in 2023 the country's exports to Canada reached $5.6 billion.
Meanwhile, Canada ranks as the 14th largest investor in Việt Nam. The two countries are committed to increasing bilateral trade to $10 billion in the near future.
The two countries are also members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
According to Tổng, export values from Bình Định Province to Canada have experienced remarkable growth since the implementation of the CPTPP.
In just five years, from 2018 to 2023, exports have quadrupled, soaring from $4.1 million to over $17.2 million. Particularly, 2022 alone witnessed a substantial milestone with exports reaching an impressive $23.9 million.
The key products exported from Bình Định to Canada are seafood, refined wood for furniture, garments and plastic goods.
Although these accomplishments are noteworthy, Tổng said that there is still untapped potential, as the market share has yet to fully reflect the immense possibilities that lie ahead.
To boost investment in Việt Nam, particularly in Bình Định Province, local leaders and authorities have actively promoted and attracted both domestic and foreign investors.
Close relationships have been cultivated with Canadian businesses, resulting in two successful projects with a total registered capital of $2.72 million in the garment sector. These endeavours have significantly contributed to the province's development.
At the moment, the province is focused on attracting Canadian investors in five key sectors, which are industry, tourism, high-tech agriculture, port services and logistics, and urban economy.
The province prioritises projects with modern technology, environmental sustainability, efficient resource utilisation and competitive products.
Bình Định Province also targets hosting international events to boost economic growth, particularly in coastal sports.
Chairman of the provincial People's Committee Phạm Anh Tuấn warmly invites VCBA to bridge the gap and bring Canadian businesses and investors to Bình Định Province for mutual success.
The province will provide favourable conditions for businesses and investors to ensure successful project implementation and sustainable development.
Nguyễn Hoài Bắc, a member of VCBA's Executive Board, said VCBA's main headquarters is located in Vancouver, home to prominent businesses that cater to the import and export needs of Vietnamese enterprises between the two countries.
They specialise in services such as logistics, transportation, consignment and product showcasing.
During the event, Dan On Food Corporation and Becamex Binh Dinh JSC signed a memorandum of understanding for an investment in an agricultural product processing plant located in Becamex VSIP Bình Định Industrial Park. The total investment of this project amounts to $10 million.
