Vietnamese startups and digital economy attract Canadian investors
VOV.VN - Vietnam has emerged as an innovation and technology hub in Southeast Asia amid the region seeking to bridge the gap with other world-leading economies through digital technology, thereby helping to attract foreign investors, including Canadian businesses, according to industry insiders.
This statement was made at the workshop named "Meet Canada” held in Ho Chi Minh City on December 2.
Tony Le, CEO of Intrinsic Innovations Vietnam, said there are more than 260,000 overseas Vietnamese residing in Canada, which has made major contributions to the Canadian economy, as well as serving as a bridge which strengthens linkages of trade and investment with the country.
Sharing this perspective, Andrew Sanden, president of Intrinsic Innovations Vietnam, pointed out that the Vietnamese startup ecosystem boasts great potential with more than 3,800 tech startups, including 2,000 tech startups operating in Ho Chi Minh City.
Moving forward, the Canadian company aims to co-operate and invest in startups and high-tech companies based in Vietnam in the fields of education and information technology, especially companies whose founders are interested in the Canadian market.
Linda Truong, economic development investment director of Calgary - Alberta – Canada, revealed that that support and funding typically comes through the local business community and governmental programmes for international innovative start-ups to invest in Canada, noting that Vietnamese firms must seize this opportunity to expand their investment market.
Meanwhile, Nguyen Tan Thanh, vice president of the Vietnam Chamber of Commerce and Industry (VCCI), said that this year marks the fifth anniversary of celebrating the establishment of the Vietnam-Canada Comprehensive Partnership, which has recorded several major achievements despite the complicated development relating to the COVID-19 pandemic and global unpredictable fluctuations.
Both sides have effectively implemented the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) agreement which has helped to remove obstacles and created the optimal conditions for the business communities to fully tap into each other's markets.
At present, Canada is Vietnam's second largest trading partner in the Americas market, while the country represents Canada's largest trading partner in ASEAN. In the 2017 to 2021 period, two-way trade turnover between both sides increased from US$3.5 billion to US$6.03 billion. During the past 10 months of the year two-way trade turnover between both countries reached more than US$5 billion.
Up to now, Canada ranked 14th out of 139 countries and territories investing in the Vietnamese market with 236 projects and total registered capital of over US$5 billion.
For its part, Vietnam voiced support for Canadian efforts in kicking off negotiations for a free trade agreement (FTA) with ASEAN, which has not only helped to further strengthen the mutual trade relationship between Canada and Vietnam, but also with ASEAN as a whole, Thanh emphazised.
He noted that the two nations will continue to expand linkages as a means of further developing bilateral relations in all fields, especially trade and investment.
