The forum was an opportunity for Vietnamese enterprises to learn about the trade, investment environment, as well as expand their business relations in the Canadian market.

Vietnam and Canada officially established diplomatic relations in 1973. Over the past 45 years, together with an increasing demand for cultural and intellectual exchanges between the two countries, two-way trade has strongly developed, contributing to promoting the Vietnam-Canada economic and investment relations.

Two sides' delegates in a group photo

Speaking at the event, VCCI's representatives said that over the past five years, the Vietnam-Canada trade turnover almost doubled from USD 1.95 billion to USD 3.87 billion in 2018. Currently, Vietnam has been the Canada's largest trade partner in the Association of Southeast Asian Nations (ASEAN) since 2015.

As of December 2018, Canada had 174 projects operating in Vietnam, with the total capital of more than USD 5 billion, ranking 14th among 130 countries and territories investing in Vietnam.

In addition, the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in which Vietnam and Canada are members, will be a great opportunity for the development cooperation between the two countries.

Accordingly, Vietnamese enterprises can take advantage of import tariff reduction from 17% or 18% to 0% for 50 Vietnamese exports, while Canadian businesses also enjoy similar opportunities.

At the forum, representatives of the two sides also hoped that the two countries' enterprises would take advantage of opportunities and expand cooperation. Vietnam is committed to create favorable conditions for Canadian businesses to seek cooperation with Vietnamese partners. Particularly, both sides will continue to support the Vietnam-Canada business community to further develop their solid cooperation in the coming time.

Translated by Lam Anh