The event was jointly held by the Ho Chi Minh City Union of Business Associations (HCUBA) and the Foreign Business Association.

A representative from the Canadian Business Association said Vietnam is one of Canada’s strategic trade partners. Two-way trade turnover between the two countries has increased three times over the past five years, reaching nearly US$1.4 billion in 2010.

Canada and Vietnam is working closely to expand trade promotion and cooperation in agriculture, education, information technology and wood products.

Pham Ngoc Hung, HCUBA vice chairman, said cooperation between domestic and international businesses is necessary to boost production and greatly contributes to expanding the market for the city’s trade and investment development.

HCUBA is expected to sign a number of cooperative agreements with business associations from the US, Europe and Australia at this event, Hung said.

According to the Ho Chi Minh Municipal Department of Planning and Investment by October this year the city has licensed for nearly 300 projects worth about US$2 billion mostly from Singapore, Malaysia, Hong Kong and the Republic of Korea.