Experts said Vietnam has favourable conditions to develop supporting industry. Thanks to its sound business climate, the Southeast Asian country has become an attractive destination for foreign investors, including those from Canada.
They expressed firm belief that the thriving Vietnam-Canada comprehensive partnership, together with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), will lay a foundation for businesses of both nations to enhance cooperation in the field.
At the conference, Deputy Director General of the MoIT’s Department of European-American Market Department Nguyen Hong Duong highlighted Vietnamese firms can capitalise on the Canadian market’s strengths to develop supporting industry as the Canadian authorities have shown their increasing interest in the Vietnamese market. Besides, the bilateral free trade agreement will create a legal framework for business activities of enterprises in both nations, he added.
Canada also has well-developed technologies, the official said, stressing both nations can work together in the fields of automobile, garment and textile and food processing.
According to VASI Vice President Truong Thi Chi Binh, more Canadian firms have come to Vietnam to look for suppliers in the past two years. Although the amount of spare parts provided for the US is much higher than that for Canada, the types that Canadian firms need seem to be more suitable for Vietnam’s production capacity.
Meanwhile, international trade consultant at Quebec Ministry of Economy and Innovation Daniel Dignard said Vietnam is a new and important market for Canadian enterprises.
Local firms have seen Vietnam as an attractive market, which has competitive edge in terms of market access and ability to join manufacturing value chain, he said, adding they feel upbeat about a stronger Vietnamese market in the time ahead.
Vietnam will continue to be a leading trade partner of Canada in the ASEAN bloc, and the fifth largest trade partner in Asia, just after Japan, China, the Republic of Korea, and China’s Taiwan in 2019, according to experts. In the first seven months Vietnam exported 2.21 trillion USD worth of products to the American market, increasing 32.69 percent from the same time last year.