CABC and VCCI engage in discussions regarding the potential signing of a cooperation agreement this September

At the meeting, the two sides discussed the goals of promoting and strengthening cooperation between VCCI, ASEAN BAC Council and CABC to deepen Vietnam - Canada trade and investment cooperation.

Mr. Vinh said that Vietnam Chamber of Commerce and Industry (VCCI) is a national representative agency of the Vietnamese business community. The potential for cooperation between ASEAN BAC Vietnam and VCCI with Canadian trade promotion agencies is huge, especially in expanding bilateral trade cooperation ties.

Vietnam and Canada established their comprehensive partnership in 2017 covering many fields, he said, adding that one of the important pillars of this partnership is economic, trade and investment cooperation. Vietnam is currently Canada's largest trading partner in ASEAN, with a bilateral trade value of nearly 14 billion CAD in 2023.

Regarding bilateral and multilateral trade cooperation, Vietnam is also an important partner of Canada in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) bringing many opportunities for Canadian products and services to reach the Vietnamese market as well as ASEAN.

He added that Vietnam is expected to host the 101st Meeting of ASEAN BAC and the ASEAN BAC Meeting with joint business councils (JBCs) from September 12 - 14, 2024.

In addition, a series of important events will take place in October, including the ASEAN Business and Investment Summit 2024 (ASEAN BIS 2024), the ASEAN Business Awards 2024 (ABA 2024) Ceremony, and the Dialogue between ASEAN BAC and ASEAN Senior Leaders.

CABC and VCCI also discussed the possibility of signing a cooperation agreement in September this year in a bid to better support and connect businesses of the two countries.

Vietnam is also a top destination in ASEAN for Canadian commodities, driven by its 7% annual growth in 30 years. Vietnam is seen as a gateway for Canadian companies to seek development in ASEAN - the fastest growing economic region in the world. ASEAN is currently the world's 5th largest economy and is emerging as a new global center for trade, exchange and innovation. ASEAN also serves as the world's consumption center with 660 million consumers by 2030.

Thus, Vietnam is a dynamic, potential market and this is the right time for Canadian businesses to seize opportunities in Vietnam and through Vietnam to enter ASEAN. VCCI President Vinh emphasized that VCCI and ASEAN BAC Vietnam are always ready to support and cooperate with Canada to implement business-related activities between two countries.

CABC President Wayne Farmer said that CABC is coordinating very closely with Vietnamese agencies and businesses and focusing on planning and implementing activities in Vietnam. CABC will also have appropriate activities to take advantage of CPTPP and promote the FTA that Canada and ASEAN are aiming for.

With Canada's recent commitments to a series of strategies from the Indo-Pacific and the Canada-ASEAN Strategic Partnership to the Canada-Vietnam Comprehensive Partnership, CABC is continuing to make strides in strengthening leadership, strategic partnerships and initiatives to support Canadian businesses in Southeast Asia.