Vietnam, Canada boost cooperation, investment

According to the Vietnam Chamber of Commerce and Industry (VCCI), in the past five years, trade turnover between Vietnam and Canada had doubled from US$1.95 billion in 2013 to $3.87 billion in 2018.

Vietnam currently is the largest trade partner of Canada among countries in the ASEAN as of 2015. By December last year, Canada had 174 active projects in Vietnam with total investment capital of more than $5 billion, standing at the 14th place among 130 countries and territories investing in Vietnam. Besides, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in which Vietnam and Canada are two members will be a great opportunity to develop cooperation between the two countries. When exporting to Canada, Vietnamese enterprises can take advantage of the reduction of import tariffs from 17-18 percent to zero percent on 50 export products of Vietnam and vice versa.

Mr. Bryon Wilfert, honorable chairman of Canada Trade Link, said that when participating in the CPTPP, Canada has almost lifted the largest obstacle of tariff barrier on goods imported from Vietnam. Canada wants to use the CPTPP to promote better cooperation by lowering import tariffs between two countries. At the same time, Vietnam is considered as an important partner for Canada to boost cooperation, thereby expand development to other markets in the Southeast Asia.

Representative of Vietnam also pledged to create favorable conditions for Canadian enterprises. The two sides will continue to support business community of the two countries to develop more strong relationship in business cooperation.