Workshop helps Canadian firms understand more about Vietnamese market

A workshop to help Canadian businesses better understand about the Vietnamese market was held in both online and in-person format in Vancouver by the Vietnam-Canada Business (VCB) Association on February 18.

The event, part of a series of business and investment promotion activities between the two countries on the occasion of the 50th founding anniversary of the diplomatic ties, attracted hundreds of Vietnamese-Canadian entrepreneurs who are eager to invest in the homeland.

Addressing the event, Vietnamese Consul General in Vancouver Nguyen Quang Trung briefed participants on Vietnam’s socio-economic development in recent times, saying that Vietnam posted a GDP growth rate of 8.02% in 2022 - the highest in the region as well as in the past 11 years.

Robert King from Ernst & Young Vietnam Limited (EY Vietnam) spoke about Vietnam’s tax policy, saying that Canadian companies can benefit from investment attraction policies and advantages brought by free trade agreements that Vietnam has joined.

Tran Thu Quynh, Head of the Vietnam Trade Office in Canada also mentioned Vietnam’s advantages in attracting investment, including e-commerce. She affirmed that her agency will provide the best possible support for Canadian businesses in investing in Vietnam. 

Pham Hai, Country Head of International Subsidiary Banking of HSBC Canada, and Boo Jock Chong, an Asia-Pacific market consultant of Felix Payment Systems Ltd, shared information on forms of non-cash payment, which will facilitate Canadian businesses’ investment in Vietnam.

Notably, the presence of Vice Mayor of Vancouver Brian Montague at the event showed the Canadian side’s special attention to encouraging Canadian enterprises to expand their investment in Vietnam.

According to Consul General Trung, the two nations have recorded a strong economic cooperation with two-way trade hitting 11 billion CAD (8 billion USD). Vietnam has been the largest partner of Canada in ASEAN since 2015.

He spoke highly of the role play by the VCB Association in connecting and supporting the business communities of the two countries, even though the association has only been officially set up for nearly a year.

The formation of the association helps meet the Vietnamese and Canadian business communities’ needs to meet, connect with and support each other during trade and investment activities, he said.