There is still much potential for development in Vietnam

SGGPO 08/21/2023 21:56

On the evening of August 21, the Consulate General of Canada in Ho Chi Minh City held a ceremony to celebrate the 50th anniversary of the establishment of diplomatic relations between Vietnam and Canada.

There is still much potential for development in Vietnam - Canada relations photo 1

Canadian Consul General in Ho Chi Minh City Behzad Babakhani speaks at the ceremony to celebrate the 50th anniversary of the establishment of diplomatic relations between Vietnam and Canada. Photo: THUY VU

Speaking at the ceremony, Canadian Consul General Behzad Babakhani said that Canada is among the top 10 export markets of Vietnam, importing about 11 billion USD worth of products from Vietnam each year.

According to Mr. Behzad Babakhani, Canada's exports to Vietnam increased by nearly 40% in 2022 alone. It is estimated that there are about 10,000 Canadian citizens living in Vietnam, the Canadian community is very dynamic, in which the Canadian Chamber of Commerce is very active. In Canada, there are about 300,000 Vietnamese Canadians who are making great contributions to Canada's success in all fields, including businessmen, politicians , scientists and some talented rappers. Particularly for Ho Chi Minh City, Consul General Behzad Babakhani expressed his pride in participating in this meaningful celebration with Ho Chi Minh City.

In response, Vice Chairman of the Ho Chi Minh City People's Committee Vo Van Hoan, on behalf of the Ho Chi Minh City leaders, respectfully thanked generations of leaders, the business community and Canadian individuals for their efforts in building the foundation and creating the future of Vietnam - Canada relations.

In terms of politics and diplomacy, along with increasing high-level delegation exchanges, the two countries maintain regular contacts on the sidelines of summits and international and regional multilateral forums. These exchanges and cooperation were further enhanced when in 2017, during Prime Minister Justin Trudeau's visit to Vietnam, the two countries officially upgraded their relationship to a Comprehensive Partnership, a significant milestone for bilateral relations.

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Vice Chairman of Ho Chi Minh City People's Committee Vo Van Hoan speaks at the ceremony celebrating the 50th anniversary of the establishment of Vietnam-Canada diplomatic relations. Photo: THUY VU

According to Vice Chairman of Ho Chi Minh City People's Committee Vo Van Hoan, in that general picture, it can be said that trade - investment relations and development cooperation are the most prominent bright spots in the relationship between the two countries.

Since 2015, Vietnam has emerged as Canada’s largest trading partner in ASEAN. In the 10 years since 2012, bilateral trade has quadrupled, from nearly $2 billion to more than $7 billion by 2022 – equivalent to a two-way trade increase of 20-25% per year.

By the end of 2022, Canada ranked 14th out of 130 countries and territories investing in Vietnam with a total registered capital of 4.82 billion USD. Canada is also an attractive destination for Vietnamese investors.

From a local perspective, by the end of 2022, Canada was the 22nd largest investor out of 117 countries and territories investing in Ho Chi Minh City, with an investment capital of nearly 130 million USD. In 2022, two-way trade between Ho Chi Minh City and Canada reached approximately 633 million USD.

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Students sing the national anthems of Vietnam and Canada at the ceremony to celebrate the 50th anniversary of the establishment of diplomatic relations between Vietnam and Canada. Photo: THUY VU

Vice Chairman of the Ho Chi Minh City People's Committee Vo Van Hoan believes that the above figures will certainly increase further in the coming time, especially when the two countries effectively exploit the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and related agreements.

In addition, according to Vice Chairman of the Ho Chi Minh City People's Committee Vo Van Hoan, Canada can provide advanced technology, expertise and products to support the development of Ho Chi Minh City in various fields, especially in infrastructure development, green economy, clean energy. Ho Chi Minh City businesses can explore investment opportunities in Canadian technology, natural resources, and tourism.

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