On March 28, Mr. Bui Cong Thanh, Managing Lawyer at PLF Law Firm, attended an important meeting alongside representatives of 200 leading Canadian businesses. This activity took place within the framework of the first official visit to Vietnam from March 26 to 29, 2024 by Mrs. Mary Ng, the Minister of Economic Development, International Trade, and Export Promotion of Canada. Accompanying her is trade mission of over 250 members, representing a wide range of fields.
These Canadian companies operate in variety of fields which includes:
- Agriculture-processed food
- Clean and green technology
- Medical – Healthcare
- Information technology
Conferences and seminars were held within the framework of the program to help Canadian businesses learn about the market and investment cooperation opportunities, and to strengthen supply chain connections in Vietnam and the region.
Determined to elevate Vietnam-Canada cooperation to new heights
During the reception in Hanoi on the afternoon of March 27th, Prime Minister Pham Minh Chinh emphasized that Ms. Mary Ng’s visit has contributed to consolidating the comprehensive partnership between Vietnam and Canada.
For her part, Mary Ng said the two sides agreed to advance economic, trade, and investment ties to new heights, and mobilize resources to implement the Political Declaration on establishing the Just Energy Transition Partnership (JETP). She also expressed her hope that Vietnam will work together with Canada to accelerate negotiations for the ASEAN-Canada Free Trade Agreement and support the country as the rotating chair of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2024.
Here are some outstanding economic cooperation figures between Vietnam and Canada
Canada is Vietnam’s third-largest trade partner in the Americas, while Vietnam is Canada’s largest trade partner in the Association of Southeast Asian Nations (ASEAN).
Two-way trade turnover in 2023 reached 14 billion USD, with Canada’s export turnover to Vietnam reaching 776 million USD. The main export items include iron, steel, machinery, electrical equipment, garments, shoes, furniture, and wooden furniture.
These numbers mark a significant increase in trade between the two countries after Canada and Vietnam joined the CPTPP.
Persistent efforts to expand Vietnam’s international trade
Up to this point, Vietnam has made continuous efforts to promote cooperation with foreign countries:
- Trade relations with 224 partners
- Cooperative relations with more than 300 international organizations
- Signed more than 90 bilateral trade agreements
- Nearly 60 investment promotion and protection agreements
- Negotiated, signed and implemented 18 bilateral and multilateral FTAs, with most major economies in the world. Of which 16 FTAs have taken effect with more than 60 partners, covering all continents.
This makes Vietnam one of the leading countries in the region in participating in bilateral and multilateral economic cooperation frameworks.
PLF Law Firm stands out for providing top-tier legal, financial, and accounting solutions for foreign investors and business owners, helping them build a solid business foundation and minimize legal risks.
Contact PLF Law Firm today via email at inquiry@plf.vn or +84913 902 906 to receive a Free 30-Initial Minute Consultation.
Reference:
https://vietnamnews.vn/politics-laws/1652839/pm-suggests-viet-nam-canada-further-tap-cooperation-potential.html
https://thanhnien.vn/viet-nam-la-thi-truong-tuyet-voi-cho-cac-doanh-nghiep-canada-185240328200602625.htm
https://diendandoanhnghiep.vn/viet-nam-se-la-diem-den-hap-dan-cua-cac-doanh-nghiep-canada-260960.html
https://congthuong.vn/buoc-phat-trien-moi-trong-hop-tac-thuong-mai-dau-tu-cua-doanh-nghiep-viet-nam-canada-311258.html
https://vneconomy.vn/doan-doanh-nghiep-canada-co-quy-mo-lon-nhat-tu-truoc-toi-nay-den-viet-nam-tim-co-hoi-hop-tac-dau-tu.htm
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