The “Canada- The Gateway to North American Market for Vietnamese Business” seminar was opened on November 22.

The Ho Chi Minh City People’s Committee in coordination with the Vietnamese Canadian Business Association (VCBA) hosted the seminar with the purpose of supporting enterprises of Ho Chi Minh City to increase their good export activities to the North American market through Canada.

Speaking at the seminar, Vice Chairman of the Ho Chi Minh City People’s Committee Vo Van Hoan emphasized that since the beginning of 2023, Vietnam’s import-export turnover to the Canadian market is estimated at US$5.2 billion, down 16.3 percent compared to the same period in 2022. Meanwhile, the total import-export turnover between Ho Chi Minh City and Canada is still quite modest at nearly US$700 million a year.

The figure has not been yet commensurate with the relationship between the two countries, especially since Canada is considered the gateway to the North American market.

Currently, Canada is one of the most important partners and Vietnam’s second-largest trading partner, after the United States in the Americas.

Vietnam and Canada signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2019 and the two sides are resuming negotiations for the ASEAN- Canada free trade agreement in 2023.

Vice Chairman of the Municipal People’s Committee Vo Van Hoan affirmed that the seminar would be an opportunity for Vietnamese businesses to update the latest information on the market, consumption trends, preferential export policies and Canada’s trade remedy measures.

Through the event, businesses will be directly connected to purchasing channels and distribution systems, thereby creating opportunities for Vietnamese enterprises in the Canadian market.

According to Vice Director of the Investment and Trade Promotion Center of Ho Chi Minh City (ITPC) Cao Thi Phi Van, the ITPC will coordinate with diplomatic agencies, international organizations, domestic and international associations and localities nationwide to organize many programs and activities to boost trade and investment into potential markets, especially the Canadian market, in the coming time.

Thereby, enterprises of the two countries are likely to seek many suitable potential partners as well as new investment cooperation and import-export opportunities.

Ho Chi Minh City hoped that Canada would create favorable conditions for Vietnamese businesses and facilitate Vietnamese goods’ access to the market, especially the fields of agriculture and fisheries.

Additionally, HCMC would like to strengthen cultural, sports and tourism cooperation, people-to-people exchanges and so on, contributing to further promoting the comprehensive strategic partnership between the two countries.

Canada ranks 14th among the 140 countries and territories investing in Vietnam.

Up to now, Canada had 253 investment projects with a total registered capital of US$4.84 billion in Vietnam.

Of these, Canada had 131 investment projects with a total investment capital of more than US$133 million in Ho Chi Minh City, ranking 22nd among 120 countries and territories investing in the city.

Representatives of Canadian businesses admitted the investment and development potential in Ho Chi Minh City as the city is a special urban area, the country’s economic hub, the locomotive, driving force, attraction and pervasiveness of the Southern key economic region.

Notably, the National Assembly has just approved the Resolution No. 98 on several special mechanisms and policies to develop Ho Chi Minh City that will create a legal basis for promoting potentials and advantages, creating breakthroughs in removing socio-economic bottlenecks in Ho Chi Minh City, especially in the field of investment.

The enterprises also proposed HCMC promote transparency and create an open legal corridor for luring more Canadian businesses into Vietnam.

SGGP News