VIET NAM - GATEWAY TO ASEAN FOR CANADIAN BUSINESSES

The Viet Nam Trade Office in Canada coordinated with the Canada-ASEAN Business Council and the Institute of Researching New Challenges in Economic Globalization (NEME) of Laval University to organize a seminar to evaluate investment potential in Viet Nam and the Association of Southeast Asian Nations (ASEAN) region.

Themed "Viet Nam, the door to the Indo-Pacific for Quebec businesses," the seminar has attracted the interest of many businesses and entrepreneurs in Canada's province because it is an opportunity to reassess the level of awareness and utilization of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership Agreement (CPTPP) by Canadian businesses after five years of implementation.

The seminar was also one of the events celebrating the 50th founding anniversary of diplomatic relations between Canada and Vietnam and the 30th anniversary of establishing the Trade Office in Canada.

The Indo-Pacific region is currently the second-largest international export market for Quebec province and is one of Canada's fastest-growing markets in recent years.

In his opening remarks, Director General of the Indo-Pacific Region Gabriel Chartier of the Quebec Ministry of International Relations and Francophonie emphasized Quebec's special cooperative relationship with Viet Nam, in which the companies of the province always have a competitive advantage thanks to their closeness in language and culture.

He also said that the Quebec Government prioritizes Viet Nam and considers the Southeast Asian country a new intersection in the global value chain because of its potential in several critical fields, including renewable energy.

Viet Nam is Canada's largest trading partner in the ASEAN region and a leading destination for exporting Canadian goods to ASEAN. Hence, the country is considered a gateway for Canadian companies that want to develop in this region.

Thanks to its market size, ASEAN is considered the fastest-growing region globally and will be the world's consumption center by 2030. The bloc is currently the 5th largest economy globally and is emerging as a new global hub for trade, exchange, and innovation.

At the seminar, speakers NEME experts presented Canada's Indo-Pacific Strategy, which focused on analyzing implementation directions to improve the economic links of Canada and Quebec province with this area.

They said that scrutinizing the overall landscape of economic integration and free trade in the Indo-Pacific region has helped businesses form a comprehensive evaluation of trade cooperation mechanisms in the region, which can affect their business strategies.

Commercial Counselor of the Vietnamese Embassy in Canada Tran Thu Quynh highlighted Viet Nam's position in ASEAN and briefed about the Government's infrastructure investment efforts to increase the connection between Viet Nam and Canada in the supply chain.

Source: VCCI