(VEN) – Deputy Minister of Industry and Trade Tran Quoc Khanh recently held a talk with Canadian Ambassador to Vietnam Deborah Chatsis on June 24 in Hanoi to further boost trade between Vietnam and Canada.
According to the deputy minister, trade and investment are core issues in the Vietnamese-Canadian relations. The fact that both countries are members of the World Trade Organization (WTO) suggests favorable conditions for enterprises of the two countries to go into business with each other and develop efficient and stable bilateral economic cooperation.
In 2012, two-way trade between Canada and Vietnam reached over US$2 billion, of which Vietnam’s exports to Canada hit US$1.61 billion, marking a year on year increase of over 20 percent and Vietnam’s imports from the Canada stood at US$396.4 million, up 8.9 percent year on year. In the first five months of this year, bilateral trade revenue reached US$673.7 million, with Vietnam’s export scoring US$508.4 million, including key items such as textiles and garments (US$396.4 million), footwear (US$60 million), seafood (US$51.3 million) and computers and electronic accessories (US$34.4 million).
“The Trans-Pacific Partnership (TPP) agreement and economic recovery of countries in the Asia-Pacific region will be the foundation for further trade and investment exchanges and create a sustainable relation between both sides.” Deputy Minister Khanh stressed.
Sharing the same opinion, Canadian Ambassador Deborah Chatsis said Vietnamese-Canadian relations were increasingly expanding, especially given the recent exchanges of high-level delegations between the two sides.
The Canadian ambassador also stated, “Vietnam is now a strategic partner of Canada in Southeast Asia. The Canadian government always supports and facilitates foreign investors, including Vietnamese enterprises. Canada and Vietnam are currently negotiating a Foreign Investment Promotion and Protection Agreement (FIPA) which will enhance predictability and transparency through the establishment of a legal framework to protect both Vietnamese and Canadian investors.
Canada will also be a good market for Vietnamese businesses as Canadian consumers are keen on Vietnamese exports such as textiles and garments, leather, agricultural and fishery products, furniture and handicrafts.”
Deborah Chatsis also warned Vietnamese enterprises of the quality of their exports to Canada, which should be closely checked and meet standards both in terms of labeling and packaging as Canadian consumers prefer high quality products.
At the meeting, both sides also agreed to back each other at multi-national forums at which both Vietnam and Canada are members, including ASEAN (Canada is the dialogue partner state), the Asia-Pacific Economic Cooperation (APEC), the WTO, the ASEAN Regional Forum (ARF), the Francophone International and the United Nations./.
By Hung Cuong