More chances for stronger Vietnam-Canada investment ties

Hanoi (VNA) – Vietnam and Canada will have more chances to enhance not only trade but also investment links under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to Honorary Chairman of the Canada Trade Link Bryon Wilfert.

Wilfert, who attended a seminar on opportunities to boost Vietnam-Canada trade and investment under CPTPP held in Ho Chi Minh City on June 28, said when joining the CPTPP, aside from trade, his country also wishes to strengthen partnerships with Vietnam in the fields of its strength like developing clean technology, clean energy, waste treatment and water treatment.

Vietnam also has infrastructure development projects that Canada wants to invest in such as building low-cost housing for young couples, he said.

He added there are also numerous opportunities for Vietnamese firms to boost investment in Canada through setting up companies, opening branches or purchasing companies in the North American nation.

However, Canadian experts recommended Vietnamese businesses have a good grasp of local law before making investment decisions since Canada is a big country with each of its localities having different conditions, regulations and incentives for investors. 

To do so, investors can seek advice from consulting firms and economic lawyers, they noted.

The CPTPP, which took effect in Vietnam on January 14, gathers 11 member states, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam that altogether make up 13.5 percent of global GDP.

At present, the CPTPP is the first and only free trade agreement involving Vietnam and Canada.

Bilateral trade reached 3.87 billion USD in 2018, a year-on-year rise of 10.6 percent. Vietnam exported 3.01 billion USD worth of goods to Canada, up 10.9 percent against the previous year, according to the Ministry of Industry and Trade.-VNA