PM introduces investment opportunities to Canadian firms

Update: 17:06 | 09/06/2018
Prime Minister Nguyen Xuan Phuc has introduced to the Canadian businesses the potential of the Vietnamese economy, with improved investment and business environment, along with abundant opportunities for foreign investors.
TIN LIÊN QUAN
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It was in his address to the the Vietnam-Canada business forum in Quebec on June 8 (Canada time) during his ongoing visit to Canada.

Vietnam has recorded high economic growth, with import-export revenue reaching 425 billion USD, foreign investment hitting 37 billion USD in 2017, he noted.

The Vietnamese leader said that foreign investors in Vietnam have satisfied with the investment efficiency in the country, especially the opening of the economy with the engagement in various free trade agreements.

pm introduces investment opportunities to canadian firms
Prime Minister Nguyen Xuan Phuc speaks at the Vietnam-Canada business forum in Quebec on June 8. (Source: VNA)

In March this year, Vietnam and Canada signed and are undertaking procedures for the ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Under the deal, Vietnam commits to removing nearly 100 percent of taxes, which means many Canadian goods will enjoy tax reduction and exemption in Vietnam.

The PM added that Vietnam is restructuring State-owned enterprises, including those in important areas such as aviation, power, oil and gas, telecommunications, and transport infrastructure. This is a good opportunity for foreign investors, including those from Canada and Quebec city to buy shares and become strategic shareholders.

He cited a multinational solar power plant with a capacity of 168 MW and an investment of 150 million USD that has been launched recently in Ninh Thuan province as an example of potential for cooperation between Vietnam and Canada.

He affirmed that Vietnam considers Canada as an important partner in the American continent, holding that the two economies can suplement each other without competition. Particularly, Vietnam has a strong agriculture sector and many industrial products, he said.

He said that the current trade revenue between the two countries at 6 billion USD and Canada's investment of 3.5 billion USD have yet to show the capacity of Canadian investors in Vietnam. He stressed that the two sides should work harder together to improve the figures in the coming time.

At the forum, PM Phuc also directly answered questions of Canadian investors.

pm introduces investment opportunities to canadian firms
Prime Minister Nguyen Xuan Phuc speaks at the Vietnam-Canada business forum in Quebec on June 8. (Source: VNA)

He underscored that Vietnam always highly values foreign investment, and has protected the interest of foreign investors. Vietnam is calling for more quality investment, especially in high added value products in global chains and environmentally -friendly ones, focusing on areas of infrastructure, renewable energy and high-tech agriculture.

The PM said that Vietnam has a golden population with 60 percent of labor force being young labourers. Each year, the country exports a large number of labourers trained in foreign languages. As a member of the Francophone, along with English, Vietnam has strengthened French language teaching with an aim to create high quality human resources serving socio-economic development in the future, he stated.

At the event, Quebec Mayor Regis Labeaume highlighted strenths of the city in electronics, energy, environment, materials, financial services, science and startup.

Meanwhile, Vice Governor of Canada's central bank Vincent Joli-Coeur spoke highly of reform of Vietnam over the past 30 years, while giving optimistic comments on the economic outlook and investment opportunities in Vietnam.

He said that among countries that the bank has presented in, Vietnam ranks first in terms of the opening for foreign investors, adding that Vietnam has met criteria in both infrastructure and business ethics.

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(Source: VNA)