Update: 12:27 | 06/12/2019
The Canadian government and businesses should place the Vietnamese market in a prioritised position in its partnership development, stated Douglas Kennedy, the Royal Bank of Canada’s Managing Director at the Center for Global Enterprises.
Kennedy was addressing a forum on December 4 to connect trade representatives from member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with Canadian firms and agencies.
An overview of the event.
He said the Vietnamese economy is experiencing strong and sustainable development, which may bring the Southeast Asian country into the top 20 economies in the world by 2050 from the current 32nd position.
Vietnam and Canada can supplement each other, he said, noting that Canada, a member of the G7, has signed trade agreements with all the other G7 countries and could help Vietnam penetrate into their markets.
Meanwhile, Vietnam could serve as a gateway for Canada to enter the Southeast Asian market, he added.
Kennedy stressed that Canada should pay more attention to the Southeast Asian region, especially Vietnam.
Nguyen Dai Trang, President of the Canada-Vietnam Trade Council, said that since the CPTPP took effect, more Canadian firms have become interested in Vietnam. The council has held multiple events to help businesses from both sides establish partnerships, she added.
Experts held that the CPTPP will provide Canadian companieswith more opportunities to expand their operations in some of the world’s most dynamic economies, and help them access a 500-million-strong market spanning 11 countries in four continents. Vietnam is regarded as a bright spot on the CPTPP map and has drawn interest from many Canadian firms.
In 2019, Vietnam is projected to retain the position as Canada’s top trade partner in ASEAN and the fifth in Asia.
In the first seven months of this year, Vietnam’s export to Canada rose nearly 33 percent year on year to 2.2 billion USD.
The CPTPP is a deal between Canada and 10 countries in the Asia-Pacific region, namely Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Currently, the deal is effective in Canada, Australia, Japan, Mexico, New Zealand, Singapore and Vietnam. CPTPP members account for about 13 percent of global GDP.