Vietnam, Canada Fostering Economic, Trade Ties

The Vietnamese Embassy and the Overseas Vietnamese Entrepreneurs Association in Canada held a Vietnam-Canada economic and trade cooperation seminar in Laval City, Quebec province on Sept 21.

 

Vietnamese ambassador to Canada Nguyen Duc Hung updated information on Vietnam’s socio-economic development, its policies to attract foreign investment and potential of bilateral cooperation to Canadian businesses during the meeting.

 

Canada is now one of Vietnam’s most important economic and trade partners, Hung noted, elaborating that the two nations have inked some agreements on economic and trade development and double taxation avoidance and are negotiating a foreign investment promotion and protection agreement (FIPPA).

 

Many businesses in Quebec and Canada are keen on the Vietnamese market, said President of the Laval City Chamber of Commerce and Industry Diane Fellice, hoping that the seminar will be a good opportunity for Canadian businesses to seek partners.

 

Canadian companies have poured around $4.78 billion into 82 projects in Vietnam to date, ranking 10th among foreign territories and countries investing in Vietnam.

 

Vietnam exported $212.56 million worth of goods to Canada in the first five months of this year, down 10% from a year earlier. (Vietnam Economic Times, Vinanet)