Taking the Vietnam-Canada business cooperation relationship to a deeper level.
Canada has consistently been one of Vietnam's top important partners, while Vietnam serves as a gateway for Canada to advance into ASEAN.
Chairman of ASEAN BAC Vietnam and Vice Chairman of VCCI, Nguyen Quang Vinh, spoke at the discussion session.
Assessing the prospects of Vietnam-Canada business cooperation during the ASEAN-Canada roundtable discussion, Chairman of ASEAN BAC Vietnam and Vice Chairman of VCCI, Nguyen Quang Vinh, stated that Vietnam is currently Canada's largest trading partner in the ASEAN region, with Canadian investment in Vietnam increasing steadily. The two-way trade turnover between the two countries has continuously grown over the past few years. Specifically, it increased from $6.02 billion in 2021 to $7.03 billion in 2022 and is projected to reach $10 billion, as agreed by the two leaders during a sideline meeting at the G7 Summit in Japan in May.
Both countries also successfully established the Joint Economic Commission (JEC) in early 2022 to create opportunities for discussing current and emerging trade issues. Vietnam also supports Canada's efforts to initiate negotiations for the Canada-ASEAN Free Trade Agreement in 2021. Vice Chairman of VCCI noted that this will undoubtedly enhance trade relations between Canada and Vietnam specifically, and with all ASEAN member countries in general.
Currently, Vietnam and Canada are jointly building a reliable, potential, and mutually beneficial cooperation relationship aimed at a sustainable future development. Vietnam has made strong commitments to the United Nations' 2030 Agenda for Sustainable Development and the goal of achieving Net Zero by 2050.
To realize these sustainable development goals, the Vice Chairman of VCCI believes that there needs to be even more active participation from the business communities of both countries. In this regard, Canada is one of Vietnam's closest partners in supporting choices to pursue these objectives.
The Vice Chairman of VCCI mentioned that as the organization representing the Vietnamese business community, the Vietnam Chamber of Commerce and Industry (VCCI) has been making efforts to enhance the "sustainability standards" of businesses.
Specifically, VCCI established the Vietnam Business Council for Sustainable Development (VBCSD) in 2010 to encourage businesses to pursue sustainable development goals.
Speakers participating in the discussion on cooperation opportunities between ASEAN and Canada.
In addition to persistent efforts in providing policy recommendations, enhancing public-private dialogues, improving business capacity, and promoting international relations and trade, VCCI has also developed several key indices as reference frameworks. These include the Provincial Competitiveness Index (PCI), Provincial Green Index (PGI), and Corporate Sustainability Index (CSI), which help provinces and businesses assess their governance levels and make improvement proposals. This, in turn, enhances economic recovery, competitiveness, and sustainability.
By strengthening the partnership with Canada in the field of sustainable development, VCCI expects both sides to further enhance cooperation, particularly in coordinating activities for small and medium-sized enterprises.
Representatives of business associations participated in the discussion session.
At the ASEAN-Canada roundtable conference, the parties engaged in discussions regarding Canada's trade and business priorities in ASEAN, with a particular focus on sustainable opportunities, trade, and food security for Canada's private sector in the region.
By facilitating these direct engagement channels, business leaders and government officials from Canada and ASEAN have the opportunity to voice their challenges and concerns, as well as provide policy recommendations to maximize economic opportunities in the region.
According to Cam Anh (Business Forum Magazine).
By: Translator: LeAnh-Bizic
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