Forum looks to promote Vietnam – Canada economic ties via CPTPP

Hanoi (VNA) – A Vietnam – Canada business forum was held in Hanoi on March 25, aiming to enhance the bilateral economic relations via the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

In his opening remarks, Vice Chairman of the State Committee for Overseas Vietnamese (OV) Affairs under the Ministry of Foreign Affairs Nguyen Manh Dong highlighted that OVs and OV businesses have unceasingly developed and affirmed their positions in foreign countries over the past time.

The Vietnamese entrepreneur community, which has been present in 130 countries and territories across the globe with 30 associations, has worked as bridges promoting economic-trade ties between Vietnam and other nations, he said, laying a stress on the contributions made by Vietnamese enterprises in Canada to consolidating and boosting the Vietnam – Canada Comprehensive Partnership in all areas, especially when both nations are members of the CPTPP.

He went on to point out that the Vietnam – Canada Business Association (VCBA) has organised various trade and investment promotion activities in both nations.

Dong expressed his hope that the forum would create opportunities for competent quarters to contribute to delivering on the goals of the two nations under their comprehensive partnership as well as the trade pact.

At the event, participants discussed and introduced potential and opportunities of Vietnamese exports in the fields of construction, garment and textiles, footwear, furniture, steel and machines, among others to Canada and the North American market as a whole.

They held that Vietnam has effectively capitalised on the CPTPP to bolster shipments to Canada where Vietnamese goods are entitled to the Most Favoured Nation (MFN) tariff and Generalised System of Preferences

However, several businesses described stringent requirements and trade barriers in Canada and the North American market as challenges for Vietnamese exporters.

The VCBA was set up in October 2022 under the direction and accompany of the Vietnam Consulate General in Vancouver. The association has connected Vietnamese and Canadian entrepreneurs with a desire to run business and land investments in the two countries, helping enhance the bilateral economic ties./.