Vietnam, Canada Boost Cooperation Mechanism after Covid-19

Dr. Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI), recently hosted a meeting with Madam Deborah Paul, Canadian Ambassador to Vietnam, in Hanoi.

Dr. Loc said, “Overcoming adverse impacts of the Covid-19 epidemic in the first half of 2020, Vietnam has many golden opportunities to catch new investment flows, especially FDI funds redirected from China. The Prime Minister has set up a special task force to identify these opportunities, quickly diversify investment locations and reposition production facilities after the Covid-19 pandemic.

Vietnam and Canada have a good economic and political relationship, he said. The room for Vietnam and Canada to develop trade is huge. The bilateral relations have been constantly expanded within the Comprehensive Partnership established in 2017 and further enhanced with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

“Vietnam desires and calls Canadian investors into infrastructure, technology and high added-value fields,” said the VCCI President.

Vietnam and Canada are both active members of many international forums such as the Asia-Pacific Economic Cooperation (APEC), the World Trade Organization (WTO), and the Francophone Community. Canada is an important dialogue partner of ASEAN. The two countries have exchanged many high-ranking official visits and upgraded relationship to the Comprehensive Partnership in November 2017 during the official visit of Canadian Prime Minister Justin Trudeau to Vietnam. Trade and investment are core pillars.

Ambassador Deborah Paul expressed her delight to see the growth of two-way trade in recent years, especially after the CPTPP Agreement came into effect. The two sides have been promoting bilateral cooperation mechanisms, utilizing benefits of CPTPP, and facilitating the market access for the business community in both trade and investment aspects while countries are reviving their economy after the Covid-19 epidemic and grasp redirected global supply chains.

She added that the bilateral relationship is growing thanks to the dynamic Vietnamese community in Canada and the fast-growing number of Vietnamese students in Canada. Regarding tourism, more and more Canadians are coming to explore the natural beauty, culture and dynamic cities of Vietnam.

Hailing Vietnam’s ASEAN Chairmanship in 2020, Ambassador Deborah Paul asked Vietnam to support Canada and promote the early start of Canada-ASEAN FTA negotiations.

VCCI President Loc agreed to have a more specific cooperation mechanism to support businesses of both sides to access information and improve capacity to overcome difficulties amid economic slowdown and the Covid-19 pandemic.

The two sides agreed to maintain regular information exchange to boost trade and deal with difficulties against the business community in a timely manner.

By Huong Ly, Vietnam Business Forum