Aside from trade, investment ties between Vietnam and Canada are also expected to be enhanced under the CPTPP (Photo: VNA)Hanoi (VNA) – Vietnam and Canada will have morechances to enhance not only trade but also investment links under theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP),according to Honorary Chairman of the Canada Trade Link Bryon Wilfert.
Wilfert, who attended a seminar on opportunities to boostVietnam-Canada trade and investment under CPTPP held inHo Chi Minh City on June 28, said when joining the CPTPP, aside from trade, hiscountry also wishes to strengthen partnerships with Vietnam in the fields ofits strength like developing clean technology, clean energy, waste treatmentand water treatment.
Vietnam also has infrastructure development projectsthat Canada wants to invest in such as building low-cost housing for youngcouples, he said.
He added there are also numerous opportunitiesfor Vietnamese firms to boost investment in Canada through setting upcompanies, opening branches or purchasing companies in the North Americannation.
However, Canadian experts recommended Vietnamesebusinesses have a good grasp of local law before making investment decisionssince Canada is a big country with each of its localities having differentconditions, regulations and incentives for investors.
To do so, investors can seek advice fromconsulting firms and economic lawyers, they noted.
The CPTPP, which took effect in Vietnam on January 14,gathers 11 member states, namely Australia, Brunei, Canada, Chile, Japan,Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam that altogether makeup 13.5 percent of global GDP.
At present, the CPTPP is the first and only freetrade agreement involving Vietnam and Canada.
Bilateral trade reached 3.87 billion USD in2018, a year-on-year rise of 10.6 percent. Vietnam exported 3.01 billion USDworth of goods to Canada, up 10.9 percent against the previous year, accordingto the Ministry of Industry and Trade.-VNA
VNA
