Ottawa (VNA) – The Asia-Pacific Foundation of Canadahas recently published an article featuring the Vietnamese market’sattractiveness to Canadian investors on its website.
Author ElizabethMclninch, Director of theCanada-Vietnam Trade Council, lauded Vietnam’s outstanding economicachievements over the past years and affirmed that increased bilateral tieswill open up huge opportunities in diverse areas.
The article said asCanada holds the G7 presidency for 2018 and hosts the G7 Summit from June 8-9,the country has a first-ever invitation to Vietnam.This is an acknowledgement of Vietnam's rising status on the world stage, and afitting tribute by Canada to a bilateral relationship which this year records its45th anniversary.
Devastatedby the destruction of a long and tragic war that reduced it to one of theworld's poorest nations 30 years ago, today Vietnam is the rising star ofSoutheast Asia, the article said, expressing impression on Vietnam’s growth of7.38 percent in the first quarter of this year.
Highlighting outstanding results inmanufacturing and exporting electronics, it said Vietnamis now an international production hub for smart phones and technological equipment.In Canada alone, imports of electrical machinery and equipment from Vietnamhave soared 1,500 percent in the last five years.
With apopulation of 95 million, Vietnam is the world's 14th most populouscountry; 60 percent of the population is of working age and 70 percent is under30. It is estimated that by 2020, the country will boast a consumer-consciousmiddle-class of some 35 million people. Contemporary Vietnam isentrepreneurial, tech-savvy, and highly connected, it said.
Vietnamis Canada's fastest-growing partner in East Asia with nearly 6 billion USDworth of merchandise trade in 2017 and an average increase of up to 20 percentpredicted over the next few years.
Canadais currently the 14th largest investor in Vietnam, with 149 projectstotalling over 5 billion USD. Vietnam ranks first in Southeast Asia and fifthglobally as a source country for international students in Canada, with over14,000 Vietnamese students studying here in 2017.
Canada’shigh-tech products are in high demand such as machinery, bio-products, andchemicals. Vietnam's consumers have discovered Canadian lobster, king crab, andgeoduck.
Overall,Canada's agricultural products amount to roughly 50 percent of exports to thecountry. Apart from wheat and cereals, huge opportunities exist for soybeans,animal food, genetics, and oilseeds.
Trudeau'sofficial visit to Vietnam on the occasion of the APEC Economic Leaders’ Meeting2017 set a new milestone in Canada's bilateral relationship with Vietnam. Thetwo countries’ leaders showed their determination to upgrade the relationshipto new heights, furthering friendship and cooperation at many levels.
TheComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP),to which both Canada and Vietnam were signatories in March this year, resetscommercial relations in the Asia Pacific on a positive note.
Inconclusion, the article said the future will be built on the hard work, energy,and daily commitment of Canadians and Vietnamese together. In trade and business,in the arts and sciences, in diplomacy, tourism, and international education,new partnerships will be critical to the future prosperity of both nations.-VNA
