HCM City (VNA) – Ho Chi Minh City and Canada should sign Memoranda ofUnderstanding and promote delegation exchange to concretise their cooperationas they have potential to work together in various sectors, running the gamutof agriculture, industry, service, science-technology and education, ViceChairman of the municipal People’s Committee Vo Van Hoan said on March 27.

Hosting a reception for Treasurer of the Canada-ASEAN Business Council (CABC) Nicholas Stipp and members of the council, Hoan recalledhis trip to Canada in 2023 during which various cooperation deals were signedbetween the two business communities.

Throughout meetings and discussions, Hoan found that potential of the bilateraltrade and investment growth as well as collaboration across the above-mentionedareas have not been tapped to the fullest extent, suggesting the two sides enhanceinformation sharing, strengthen connectivity between business communities whilebolster the diplomatic relations.

Laying stress on HCM City’s strengths, he said the Vietnamese southern economichub contributes 22% to the country’s GDP and is home to nearly 400,000enterprises with many startups.

Like many other developing urban areas, the city is facing such formidablechallenges as traffic jam, inundation, environmental pollution and growthquality, he said, adding it is prioritising the development of and investmentin new industries like semiconductor, electronics and renewable energy.

According to Hoan, the city has great demand for management experience,technologies and finance to roll out its projects for long-term developmentwhile Canadian enterprises have resources and want to expand investment inASEAN. Therefore, both sides should hold more meetings to get a deeper insightinto each other’s needs and aspirations towards signing of more specificcooperation agreements in the time ahead.

Stipp, for his part, held that Vietnameseand Canadian businesses boast enormous potential to collaborate in innovation,climate change response and sustainable energy transition.

The Canadian business community has realised the positive development of HCM Cityover the past time and hailed its development orientations, he said, Canadianfirms are applying new technologies into traditional production sectors toprotect the environment, and want to cooperate with their HCM City peers in theareas, alongside with agriculture and timber processing.  

The CABC members highlighted potential for bilateral cooperation in education,human resources training, scientific research, IT and cyber security.

Several Canadian investment funds have already set up their offices in Vietnam,hoping that they will become a bridge to connect Vietnamese firms to accessglobal market while introducing foreign investors to Vietnam./.