Ottawa (VNA) - The Vietnam Trade Office in Canada has introduced the structure of Vietnam’s agricultural products and the potential for cooperation between Vietnamese enterprises with their peers in Alberta province of Canada in farm produce production and processing.
At a dialogue on Vietnamese agriculture held recently in Alberta, the office shared the important role of agriculture in the Vietnamese economy as well as Vietnam’s efforts to engage in the global agricultural chain to ensure food security.
Some enterprises of Alberta and British Columbia, which are engaging in production activities of Vietnam or partnering with Vietnamese firms, were invited to the dialogue to share their experience in optimising the advantages created by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to cooperate with Vietnamese partners in food processing.
Representatives from the trade office, the Canada-ASEAN Business Council and the Office of the Trade Commissioner Service of Canada in the region answered participants’ questions on mechanisms to support businesses that wish to expand their operations abroad. Alberta is keen on seeking opportunities to expand its market into the Indo-Pacific region and sees Vietnam as a gateway to this region.
Alberta currently has more than 41,500 agricultural farms, 959 agricultural production facilities and 511 food processing establishments. The food processing industry accounts for 25% of the total industrial production value of this province.
The agricultural sector plays a major role in Alberta’s economy and contributed 13% to its economic growth in the 2016-2022 period. Currently, about 20% of Canada’s agricultural exports originate from Alberta. The locality is working to attract investors to the plant-based food sector and processing activities using the province's agricultural and livestock products.
Within the framework of the Calgary Stampede, a 10-day annual rodeo, exhibition, and festival held every July in Calgary, Alberta, the Vietnamese Trade Office had a working session with the Invest Alberta Corporation to explore models for attracting foreign investment, especially in the agriculture and energy sectors. The locality is now committing to a 12% tax credit for processed food investment projects valuing over 10 million USD. It is also offering refund of up to 60% of investment value and a funding mechanism of up to 12% of total capital for businesses investing in developing clean energy infrastructure.
Alberta has 27,000 oil and gas exploitation facilities and 18,000 gas exploitation facilities, with oil and gas reserves of up to 100 billion tonnes.
This year, Stampede, dating back to 1886, took place from July 5-14, attracting 1.5 million visitors./.
Association to work harder for stronger Vietnam - Canada economic ties
The Vietnamese - Canadian Business Association (VCBA) is set to further promote business matching between the two countries to help fuel bilateral economic ties in the coming years.
