Canadian businesses highly interested in Vietnamese market

VOV.VN - Export Development Canada (EDC) has co-ordinated efforts with the Vietnam Trade Office to organise a workshop to update the economic situation and evaluate Vietnamese enterprises' operational efficiency within the global supply chain.

The workshop captured the interest of many Canadian businesses keen to expand operations to Vietnam, with the aim of preparing for the upcoming visit from March 27 to March 29 of the Canadian trade delegation led by International Trade Minister Mary Ng.

The delegation will also include 150 firms operating in the fields of processed food, biomedicine, clean energy, new technology, information technology, creative technology, and aviation technology.

This trip is designed to promote the comprehensive partnership between the country and Canada and also to expand the Canadian presence in ASEAN.

At the workshop, speakers provided a range of information related to the economic co-operation framework between the two countries, as well as best action plans to maximize the benefits of all parties amid Canada's Indo-Pacific Strategy being focused on ASEAN.

In his welcoming speech, Vietnamese Ambassador to Canada Pham Vinh Quang emphasized that both sides have a common vision and concern about the Indo-Pacific as they are committed to developing an open, inclusive, and sustainable region based on respect for regional laws and structures to create a peaceful and stable environment whilst boosting closer economic ties.

The two countries established a comprehensive partnership in 2017. Economic, trade, and investment links are one of the important pillars of the partnership between the both sides.

Vietnam is currently Canada's largest trading partner in ASEAN, with bilateral trade value reaching nearly CAD14 billion CAD, equal to US$10.37 billion, in 2023.

The Southeast Asian nation is also an important partner of Canada in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), bringing many opportunities for this country's products and services to access the domestic market, as well as that of ASEAN.

George Monize, vice president of the EDC in charge of the Indo-Pacific region, said this event is to prepare Canadian companies that want to join the trade delegation to Vietnam next March. This represents a great opportunity for Canadian companies that wish to learn about the existing potential in the Vietnamese market and how to access this market.

Canadian goods have been affirmed in terms of standards and are suitable for the needs of the growing middle class in the Vietnamese market.

Remy Franzoni, president of Engram Business Consulting Group, said that more and more Canadian enterprises are interested in the Vietnamese market. This workshop brings together many experts from EDC, Global Affairs Canada, and the Business Council of Canada, thereby helping businesses get a lot of useful information to prepare for the trip with the Canadian trade delegation.

Canadian Minister of International Trade Mary Ng said she hopes Canadian businesses involving in this delegation will deploy operations in potential markets like Vietnam and move to strengthen supply chain connections.

Senior leaders of Canadian firms will meet and discuss with Vietnamese partners and businesses to learn about policy-related issues and opportunities to take advantage of trade agreements and existing mechanism between the two countries and investment, sales, and supply opportunities in Vietnam.

This marks the first trade delegation this year organised by the Canadian Government within the framework of the Indo-Pacific Strategy worth more than CAD2.3 billion, equal to US$1.7 billion. In this strategy, Canada has set five major goals, including expanding trade, investment, and supply chain development in this region.

Tran Thu Quynh, commercial counselor of the Vietnam Embassy, said this event is part of a broad array of activities of the Trade Office to prepare for Canada's largest business delegation's Vietnam trip.

This will be an important event in bilateral ties in addition to the activities of the Joint Committee on Economic Cooperation between the two sides.

This Canadian trade delegation to the nation includes members operating in six different fields and will bring many opportunities to businesses of the two countries to create links in terms of markets and supply chains such as finding opportunities to connect customers, business partners, brand partners, and suppliers.

Mutual relations are increasing developing positively across multiple spheres from economics, trade, investment, culture, social affairs, science and technology, education and training, and people-to-people exchanges.

With positive growth prospects ahead, both sides have great needs and opportunities from the co-operation potential of the Canadian trade delegation to Vietnam this time.

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