Opportunities to boost trade and investment with Canada are promising since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect, experts said at a seminar held in Ho Chi Minh City on June 28.

Illustrative image (Photo: VNA)

Speaking at the event, Honorable Executive President of Canada Trade Link Bryon Wilfert said with CPTPP entry, Vietnam and Canada could offer mutual support to develop markets and expand investment. 

He said the CPTPP is the first and only deal involving the two countries, creating an important legal framework to reinforce bilateral trade and investment. Canada wants to make the best use of the CPTPP to further bilateral ties via cutting almost tariffs. 

Canada pledged to remove 95 percent of tariffs, including 78 percent on imports from Vietnam, opening up chances to increase export of aquatic products, wooden furniture, apparel, footwear and farm produce. 

Vince Lalonde, Director of Immigration and Investor Services at Pace Law Firm, said Vietnamese investors could choose to open companies, branches or buy firms in Canada on the back of the CPTPP, which has become a trend recently. 

Business owners do not need to stay in Canada for 24 months to be eligible for permanent resident card, or for 36 months to earn citizenship. Instead, their relatives or employees could stay in the country for required time to seek the status. 

Lalonde suggested hiring experienced consultants before deciding to invest in the nation to minimise possible risks. 

Canada also considers Vietnam an attractive destination for the fields of its strength such as high-tech, clean energy, waste treatment and wants to extend collaboration with ASEAN markets via Vietnam, he said.

The event was co-hosted by the Vietnam Asia-Pacific Economic Centre, the Saigon Times and the Vietnam Consulting Group.