Prime Minister Nguyen Xuan Phuc introduced the dynamic Vietnamese economy, with its improved investment and business environment, to Canadian businesses while addressing the Viet Nam-Canada business forum in Quebec on Friday (Canada time), as part of his ongoing visit to Canada.

Viet Nam recorded high economic growth last year, with import-export revenue reaching US$425 billion, and foreign investment hitting $37 billion, he noted.

The Vietnamese leader said that foreign investors in Viet Nam are satisfied with investment efficiency in the country, its opening of the economy, and its engagement in various free trade agreements.

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

The PM added that Viet Nam 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, to buy shares and become strategic shareholders.

He cited a multinational solar power plant with a capacity of 168MW and an investment of $150 million that has been launched recently in Ninh Thuan Province as an example of potential for co-operation between Viet Nam and Canada.

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

He also noted that the current trade revenue between the two countries stands at $6 billion, and Canada’s investment of $3.5 billion has yet to show the full capacity of Canadian investors in Viet Nam. 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 from Canadian investors.

He underscored that Viet Nam always highly values foreign investment, and has protected the interest of foreign investors in the country.

Viet Nam is calling for more quality investment, especially in high added-value products in global chains and environmentally-friendly projects, focusing on areas of infrastructure, renewable energy and high-tech agriculture.

The PM said that Viet Nam has a golden population, with 60 per cent of the labour force being young employees. Each year, the country exports a large number of employees trained in foreign languages. As a member of the Francophone world, and with a high population of English speakers, the country is increasingly easy to do business with.

Viet Nam has strengthened French language training, and aims to create high quality human resources serving socio-economic development in the future, he stated.

At the event, Mayor of Quebec Regis Labeaume highlighted the strengths of the city in the electronics, energy and environmental sectors, as well being a magnet for the financial sector, science research and startup companies.

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

He said that among countries that the bank has been present in, Viet Nam ranks first in terms of its opening for foreign investors, adding that the country has met criteria in both infrastructure and business ethics.

Signing deals

Several memoranda of understanding (MoU) on co-operation in different fields were inked between Viet Nam and Canada in the presence of Vietnamese Prime Minister Phuc at the two countries’ business roundtable in Quebec on the same day.

They included a letter of intent on strategic partnerships in science, technology and innovation between the Vietnamese Ministry of Science and Technology and the Quebec Research Fund; an MoU on a technical assistance package between the Airports Corporation of Viet Nam and the National Bank of Canada; an MoU on training and research co-operation between Viet Nam’s National Economics University and the University of Quebec in Montreal; and an MoU on business co-operation in the Smartclass+ Language Teaching Platform worth $100 million between Hoang Thanh Trade and Technology Development Co Ltd and Robotel Inc of Canada. — VNS