HÀ NỘI – Việt Nam presents significant business opportunities to Canadian enterprises within the framework of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Robert Cameron, Regional Manager, Asia, Export Development Canada (EDC), made the statement at a workshop on the CPTPP and opportunities in Việt Nam held in Toronto on Monday. He said that with favourable demographic conditions and a rising middle class, Việt Nam offered significant opportunities to Canadian businesses.
He urged Canadian companies to prepare resources when investing in Việt Nam to develop long-term business partnerships in the country.
He said that agencies like EDC and Canada’s Trade Commissioner Service were willing to provide support to Canadian firms to penetrate and expand business in Việt Nam.
Within the framework of the CPTPP, opportunities for Canadian firms in Việt Nam varied across a number of sectors, from aviation, information-telecommunications to agriculture and mining.
Significant opportunities also came from financial services as Việt Nam imported financial services worth US$523 million in 2018.
In addition, Việt Nam had high demand for investment in transport infrastructure, which is a strength for Canada. It was estimated that Việt Nam needs $11 billion worth of investment for transport infrastructure by 2020 and $17 billion by 2025.
Education continued to be the highlight in the cooperation between the two countries. Việt Nam topped Southeast Asia and was fifth in the world in terms of the number of students studying in Canada – estimated at more than 20,000.
Opportunities also arose from sectors like renewable energy and waste treatment as Việt Nam is striving to cope with the impact of climate change.
According to Julie Nguyễn, Director of the Canada-Việt Nam Trade Council, the workshop attracted huge attention from Canadian businesses as they saw large opportunities in Việt Nam, which has a rapidly growing but stable economy.
She said that the council was developing plans to connect businesses from both sides.
The CPTPP so far took effect in seven countries, including Canada, Australia, Japan, Mexico, New Zealand, Singapore and Việt Nam. The CPTPP market with 11 member countries and 505 million consumers accounted for 13 per cent of the world’s gross domestic product.
Việt Nam was the biggest trade partner of Canada in Southeast Asia, with two-way trade estimated at $5.98 billion in 2019.
Before the CPTPP, there were no other trade deals between Việt Nam and Canada.
A year after the CPTPP took effect, Việt Nam’s exports to Canada rose by 28.2 per cent in 2019, compared to the average 18 per cent in the 2010-18 period.
According to Nguyễn Thị Thu Trang, Director of the WTO and Integration Centre under the Việt Nam Chamber of Commerce and Industry, the trade deal opened large opportunities for its members and businesses must be active to take advantage of them. — VNS
