Delegates from Ontario and Vietnamese businesses talk during the break of a signing ceremony held yesterday in HCM City. — VNS Photo Bo Xuan Hiep
Vietnamese and Ontario organisations on Monday in HCM City signed 14 agreements in the fields of food, architecture/construction, agricultural machinery, biomass raw material and education, worth nearly CA$25 million (US$19.67 million).
The Centennial College signed agreements, each valued at CA$5.25 million, to help advance academic exchanges, research collaborations and joint programming with HUTECH University of Technology, Hoa Sen College and Khanh Hoa University.
Ontario is Canada’s largest province by population and economy with GDP of CA$798 billion ($628.15 billion), nearly 40 per cent of Canada’s total.
Over the past decade, Ontario has welcomed representatives from Viet Nam and explored new ways of working together in key sectors, including healthcare, infrastructure and aerospace.
Viet Nam and Ontario are both members of a number of international trade agreements.
Trade between Ontario and Viet Nam has nearly quadrupled since 2012, reaching CA$3.1 billion last year.
Ontario’s top imports from Viet Nam include telephone equipment, fabric and leather footwear, computers and furniture.
The signing took place on the first visit of Kathleen Wynne, premier of Ontario, together with a delegation of 60 leaders of businesses, which aims to strengthen ties and foster business and innovation partnerships with Viet Nam.
Speaking at the signing ceremony, Wynne said: “Viet Nam has one of the world’s fastest-growing economies, much like Ontario. This growth is bolstered by talented young entrepreneurs who are making their mark in technology and other sectors.”
The relationship between Canada and Viet Nam is on the rise, especially with regard to the Comprehensive and Progressive Agreement for a Trans-Pacific Partnership (CPTPP), she said.
“Just look at the Trans-Pacific Partnership (TPP) talks (now the CPTPP). The 11 countries have now agreed on the core principles of an agreement. I am excited and optimistic about what that means for Canada and Viet Nam and the way it could open up even more trade opportunities and increase market access for businesses. I know all 11 countries will continue to work closely on this and land on an agreement that everyone can agree will be beneficial,” she said. — VNS