Binh Dinh hopes for enhanced trade, investment ties with Canada
Canada was highlighted as a gateway for Vietnamese enterprises to access North American markets at a trade promotion conference held in the central province of Binh Dinh on March 28.
At the trade promotion conference in Binh Dinh (Photo: baodautu.vn) Chairman of the provincial People’s Committee Pham Anh Tuan said Binh Dinh has proactively built and developed friendship with state agencies while boosting investment and trade partnerships with businesses of Canada.
Canadian firms have invested over 2.7 million USD in two apparel projects in Binh Dinh, he noted, adding that these projects have initially proved effective and contributed to the province's socio-economic development.
The official admitted that Canadian investment in the province remains modest and undiversified, he said, adding that Binh Dinh’s exports to Canada and market share in this market have yet to match with the potential, strengths, and expectations of both sides.
Binh Dinh hopes to welcome a new wave of investment with bigger projects from Canada, he remarked.
Tuan said the province wishes to invite Canadian businesses to invest in five main areas, namely industry, tourism, high-tech agriculture, port and logistics services, and urban economy connected with urbanisation.
He also highlighted priority for projects that apply modern and environmentally-friendly technologies, efficiently use resources, and manufacture competitive products.
With its sincerity and enthusiasm, the province pledges the best possible conditions for Canadian investors to carry out projects successfully and develop sustainably, the Chairman stressed.
Participants at the event, held in coordination with the Vietnamese Canadian Business Association (VCBA), discussed and proposed measures for attracting investors from and boosting trade with Canada.
Since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into force in Vietnam on January 14, 2019, trade turnover between the two countries has increased sharply while export structures changed positively. Binh Dinh’s exports to Canada surged four-fold to more than 17.2 million USD in 2023 from 4.1 million USD in 2018.
More than 40 businesses in the province are currently involved in trading activities with Canada and other North American markets. Their exports include seafood, wood furniture, apparel, and plastic products, with seafood earning the highest revenue, nearly 5 million USD last year, data showed./.
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