HCM City, Canadian province tighten investment, trade links
A letter of intent on trade and investment cooperation was inked between Ho Chi Minh City’s Department of Industry and Trade and the Ministry of International Trade of Canada’s British Columbia province on November 9.
Accordingly, the two sides will facilitate their businesses’ information exchange, mutual working visits and trade and economic relation consolidation. They will also share information on investment and trade policies of their respective Governments and provide supports for each other’s investors and partners.
Prior to the signing ceremony in HCM City, Chairman of the municipal People’s Committee Le Hoang Quan hosted a reception for British Columbia Minister of International Trade and Minister Responsible for Asia Pacific Strategy and Multiculturalism Teresa Wat.
The local official said there have been 59 Canadian projects worth US$115 million in his city so far. HCM City exported US$230 million worth of goods to Canada, mostly British Columbia, in the first 10 months of this year, a year-on-year increase of 20 percent. Meanwhile, its import turnover from Canada surged by 70% yearly to reach US$124 million.
He said that he hopes the two sides will strengthen economic bonds to fuel trade between the Vietnamese municipality and Canada to US$500 million in 2016 and US$1 billion by 2020, which are completely realisable since both HCM City and British Columbia house sea ports and major import-export gateways of their countries.
Wat also said Canada and Vietnam hold numerous advantages and collaboration opportunities as both join in the Trans-Pacific Partnership agreement.
The signing of the letter of intent is just an initial step and the two sides should swiftly take action to grasp chances and strengthen investment and trade ties, she added, noting that British Columbia could enhance partnership with HCM City and Vietnam in forestry, mining, agriculture and seafood which it has strengths in.
Prior to the signing ceremony in HCM City, Chairman of the municipal People’s Committee Le Hoang Quan hosted a reception for British Columbia Minister of International Trade and Minister Responsible for Asia Pacific Strategy and Multiculturalism Teresa Wat.
The local official said there have been 59 Canadian projects worth US$115 million in his city so far. HCM City exported US$230 million worth of goods to Canada, mostly British Columbia, in the first 10 months of this year, a year-on-year increase of 20 percent. Meanwhile, its import turnover from Canada surged by 70% yearly to reach US$124 million.
He said that he hopes the two sides will strengthen economic bonds to fuel trade between the Vietnamese municipality and Canada to US$500 million in 2016 and US$1 billion by 2020, which are completely realisable since both HCM City and British Columbia house sea ports and major import-export gateways of their countries.
Wat also said Canada and Vietnam hold numerous advantages and collaboration opportunities as both join in the Trans-Pacific Partnership agreement.
The signing of the letter of intent is just an initial step and the two sides should swiftly take action to grasp chances and strengthen investment and trade ties, she added, noting that British Columbia could enhance partnership with HCM City and Vietnam in forestry, mining, agriculture and seafood which it has strengths in.