Canada expected to diversify investments in Vietnam
Vietnam is Canada’s largest trading partner in ASEAN, while the latter is Vietnam’s 14th largest investor with 174 projects worth US$5 billion.
Deputy Prime Minister Pham Binh Minh has suggested Canada diversity investments in Vietnam, as over 90% of the latter’s investment capital has been poured into Vietnam’s real estate sector, the governmental portal reported.
Vietnam's Deputy Prime Minister Pham Binh Minh and Canada’s Ambassador to Vietnam Deborah Anne Paul. Source: VGP.
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As of present, Canada is Vietnam’s 14th largest investor with 174 projects worth US$5 billion.
According to Minh, the Vietnam – Canada relations are growing strongly in all spheres, especially since the establishment of the two countries’ comprehensive partnership during the state visit of Canadian Prime Minister Justin Trudeau to Vietnam in November 2017.
Minh expected the two countries to promote high-level talks and an increase in bilateral trade, as both Vietnam and Canada are parties to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and Vietnam being Canada’s largest trading partner in ASEAN.
The Vietnamese official highly regarded Canadian support for Vietnam’s sustainable development, especially in social aspects.
At the meeting, Deborah said she is impressed with Vietnam’s economic achievements and its growing status in the region and on global stage.
Canada is committed to supporting Vietnam’s candidacy for non-permanent membership of the National Security Council for the 2020 – 2021 term and the country’s upcoming role as the chairmanship of the ASEAN in 2020, said Deborah.
Since 1990, Canada has been providing official development assistance (ODA) to Vietnam worth CAD800 million (US$598.73 million), while the number of Vietnamese students studying in Canada is the largest among ASEAN countries and fifth globally with over 14,000, representing a 54% increase in students compared to 2015 and an 89% increase from 2016.
Currently, nearly 250,000 Vietnamese-Canadians are living in Canada, forming the fifth largest non-European ethnic group in Canada, followed by China, India, the Philippines and Jamaica.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years