Vietnam - a great market for Canadian businesses, says Min. Mary Ng
VOV.VN - Vietnam is a great market for Canadian businesses, said Canadian Minister of Export Promotion, International Trade and Economic Development Mary Ng at a press briefing on the outcome of her working trip to Vietnam.
She said on March 28 evening that the presence of representatives of 168 Canadian firms that accompanied her during the working trip testified to the success of the two countries’ trade relations.
These firms operate in the fields of agriculture, food processing, clean technology, green technology, information and communications, digitalization, and infrastructure. These are extremely important sectors for Canada, and they have chosen Vietnam because they believe that there are many opportunities for them here in the country, according to the minister.
Mary Ng attributed the success in bilateral cooperation to the fact that both countries are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Last year saw two-way trade turnover reach US$14 billion, of which Canadian exports fetched US$776 million, marking a significant increase in bilateral trade after the two countries joined the CPTPP.
Currently, Canada is Vietnam’s third largest trading partner in the Americas while Vietnam is Canada’s largest trading partner in ASEAN.
Vietnam’s middle class is growing, and is expected to account for 26% of the total population by 2026. This is a great market for Canadian businesses and investors to increase their presence in Vietnam, and Canada has high hopes for success in bilateral trade and investment ties, stated the minister.
Canada is currently the 14th largest investor in Vietnam with more than 247 projects capitalized at more than US$4.82 billion. During her working trip, the Vietnam Airlines Flight Training Center and CAE Inc., a Canadian firm that provides full-flight simulators, signed a partnership agreement. A Canadian firm also signed a cooperation agreement on wastewater treatment with the government of Vietnam.
Mary Ng revealed that the Export Development Canada would open an office in Ho Chi Minh City to further strengthen its presence in Vietnam.
At the press briefing, Mary Ng also highly appreciated Vietnam’s role in Canada’s Indo-Pacific Strategy, and expected both sides would promote negotiations on the ASEAN-Canada Free Trade Agreement.
Minister Mary Ng led a delegation of 168 companies to Vietnam this week to sound out business opportunities. She had a meeting with Vietnamese Prime Minister Pham Minh Chinh, and attended the second meeting of the Joint Economic Committee to outline future orientations for bilateral cooperation.
