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Vietnamese Overseas Business Communities Vital in Strengthening Viet Nam-Canada Economic Relations

Hanoi, March 26, 2024, The Europe Today: Participants at the business forum titled “Enhancing Viet Nam-Canada Economic Relations within the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)” emphasized the pivotal role played by Vietnamese overseas business communities in Việt Nam’s nation-building endeavors. The forum, held yesterday, brought together stakeholders to explore avenues for bolstering economic ties between the two nations within the framework of the CPTPP.

Nguyễn Mạnh Đông, Deputy Chairman of the State Committee for Overseas Vietnamese Affairs under the Ministry of Foreign Affairs, underscored the significant strides made by Vietnamese overseas business communities in tandem with Viet Nam’s burgeoning economic and trade landscape. He highlighted the expansive presence of the Vietnamese business community across more than 130 countries and territories, with 30 business associations serving as vital conduits for fostering economic and trade relations between Việt Nam and its global partners.

The forum convened representatives from various governmental bodies, including the Ministry of Foreign Affairs and the State Committee for Overseas Vietnamese Affairs, alongside former Consul General of Vietnam in Vancouver, Canada, and leaders of the Vietnam-Canada Business Association (VCBA), among others. Entrepreneurs and businesses specializing in export and construction sectors also actively participated in the deliberations.

The Vietnamese overseas business community, particularly in Canada, has played a pivotal role in enhancing Việt Nam-Canada economic cooperation across diverse domains. Notably, the VCBA has spearheaded numerous trade and investment promotion initiatives, facilitating robust trade linkages between the two nations.

Nguyễn Mạnh Đông emphasized that the forum served as a platform for networking, collaboration, and exploring avenues to unlock the trade potential between Viet Nam and Canada within the ambit of the CPTPP. Participants deliberated on opportunities for exporting Vietnamese products to Canadian and North American markets, spanning sectors such as construction, textiles, footwear, furniture, wood products, iron and steel, and machinery.

While acknowledging the benefits afforded by the CPTPP, including Most Favored Nation (MFN) status and the Generalized System of Preferences (GSP), delegates cautioned Vietnamese businesses to navigate stringent requirements and trade barriers in Canadian and North American markets effectively.

The forum, jointly organized by the Vietnam-Canada Business Association (VCBA) and the State Committee for Overseas Vietnamese Affairs under the Ministry of Foreign Affairs, underscored the collective commitment to fostering robust economic ties between Việt Nam and Canada, leveraging the transformative potential of the CPTPP for mutual prosperity and development.