Ho Chi Minh City tightens connection with Canadian localities

A delegation from the Ho Chi Minh City People’s Committee, in collaboration with the Vietnam Trade Office in Canada, organised a Vietnam-Canada business forum in Toronto on June 30 to introduce the city’s position and potential and connect businesses of Vietnam and Canada.

The forum is part of activities to celebrate the 50th anniversary of diplomatic relations between the two countries and marks the 5th anniversary of the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Speaking at the event, Vice Chairman of the Ho Chi Minh City People’s Committee Vo Van Hoan emphasised that the city – Vietnam’s largest economic hub is home to more than 200,000 businesses. It has a stable growth rate and a per capita income of nearly 7,000 USD in 2022.

Currently, the city is continuing to promote administrative reform, digital transformation, and business and investment environment and ensure socio-political stability in order to create favourable conditions for foreign investors, including those from Canada.

Hoan said the cooperation relationship between Ho Chi Minh City and Canada is still modest and yet to commensurate with the potential of the two sides. Canada ranked 22nd out of 117 countries and territories investing in Ho Chi Minh City, with a total investment capital of about 130 million USD, although Vietnam and Canada are both members of the CPTPP and Vietnam is Canada’s largest partner in ASEAN with a two-way trade turnover of more than 10 billion USD.

Senator Victor Oh, Chairman of the Canada-Vietnam Parliamentary Friendship Group, said that the two countries need to better make use of the CPTPP and that Vietnam is a favourite destination for Canadian businesses thanks to its rapid growth.

Tran Thu Quynh, Vietnam Trade Counselor in Canada, said that the two countries have a lot of potential for cooperation and connectivity, not only in terms of supply chains but also production chains.

She called on Canadian businesses to promote investment in ASEAN and the Asia-Pacific region through the Vietnamese market and committed that her office will support businesses of both sides.

At the forum, business representatives from Ho Chi Minh City and Canada raised and discussed many topics including the need for market connectivity and specific measures to strengthen business relations between localities.

One of the remarkable connectivity plans is the Port of Montreal’s desire to cooperate with seaports in Ho Chi Minh City to form a shipping route connecting Ho Chi Minh City with the entire North American region./.

Source: Vietnam News Agency