Friday, October 24, 2008

Vietnam welcomes Canadian investments

TORONTO — Vice President Nguyen Thi Doan has told Canadian business leaders they are always welcome in Viet Nam.

The Vice President was attending a Viet Nam-Canada business forum held in Toronto on Monday by the Viet Nam Chamber of Commerce and Industry, the Embassy of Viet Nam and Toronto City Council.

She said economic and trade relations between Viet Nam and Canada had made positive progress in recent years, but were yet to match the potentials of the two countries.

Therefore, Doan said, Viet Nam was committed to creating favourable conditions for Canadian investors to operate.

She thanked Toronto and Ontario provincial authorities for helping the Vietnamese community to integrate into the local society.

At the forum, representatives from 40 leading businesses in Canada and 30 from Viet Nam discussed the possibility of co-operation and investment in a number of fields.

Viet Nam and Canada have experienced strong economic and trade growth in recent years. This year’s two-way trade is expected to exceed the US$1 billion benchmark for the first time.

Canadian businesses have to date invested $4.7 billion in projects in Viet Nam, including a $4.2 billion sea resort in southern Ba Ria-Vung Tau Province funded by Asian Coast Development Ltd.

So far this year, Vietnamese companies have exported to Canada $600 million worth of garments and textiles, footwear, agricultural products, seafood and wooden furniture.

Vice President Doan also delivered a speech at a ceremony marking the 35th anniversary of diplomatic ties between Viet Nam and Canada, which was hosted by the Vietnamese Embassy and the Canada-Viet Nam Friendship Association. — VNS