Ho Chi Minh City and Canada should sign Memoranda of Understanding and promote delegation exchange to concretize their cooperation as they have potential to work together in various sectors, running the gamut of agriculture, industry, service, science-technology and education, Vice Chairman of the municipal People’s Committee Vo Van Hoan said on March 27.
Hosting a reception for Treasurer of the Canada-ASEAN Business Council (CABC) Nicholas Stipp and members of the council, Hoan recalled his trip to Canada in 2023 during which various cooperation deals were signed between the two business communities.
Throughout meetings and discussions, Hoan found that potential of the bilateral trade and investment growth as well as collaboration across the above-mentioned areas have not been tapped to the fullest extent, suggesting the two sides enhance information sharing, strengthen connectivity between business communities while bolster the diplomatic relations.
Laying stress on HCMC’s strengths, he said the Vietnamese southern economic hub contributes 22 percent to the country’s GDP and is home to nearly 400,000 enterprises with many startups.
Like many other developing urban areas, the city is facing such formidable challenges as traffic jam, inundation, environmental pollution and growth quality, he said, adding it is prioritizing the development of and investment in new industries like semiconductor, electronics and renewable energy.
According to Hoan, the city has great demand for management experience, technologies and finance to roll out its projects for long-term development while Canadian enterprises have resources and want to expand investment in ASEAN. Therefore, both sides should hold more meetings to get a deeper insight into each other’s needs and aspirations towards signing of more specific cooperation agreements in the time ahead.
Stipp, for his part, held that Vietnamese and Canadian businesses boast enormous potential to collaborate in innovation, climate change response and sustainable energy transition.
The Canadian business community has realized the positive development of HCMC over the past time and hailed its development orientations, he said, Canadian firms are applying new technologies into traditional production sectors to protect the environment, and want to cooperate with their HCMC peers in the areas, alongside with agriculture and timber processing.
The CABC members highlighted potential for bilateral cooperation in education, human resources training, scientific research, IT and cyber security.
Several Canadian investment funds have already set up their offices in Vietnam, hoping that they will become a bridge to connect Vietnamese firms to access global market while introducing foreign investors to Vietnam.
