Montreal (VNA) – The Ministry of Industry and Trade (MoIT) incollaboration with the Vietnam Association for Supporting Industries (VASI) onOctober 2 organised a conference in Montreal, Canada, to seek businesscooperation in supporting industry between Vietnam and Quebec province.

Experts said Vietnam has favourable conditions to develop supporting industry.Thanks to its sound business climate, the Southeast Asian country has become anattractive destination for foreign investors, including those from Canada.

They expressed firm belief that the thriving Vietnam-Canada comprehensivepartnership, together with the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP), will lay a foundation for businesses of both nations toenhance cooperation in the field.

At the conference, Deputy Director General of the MoIT’s Department ofEuropean-American Market Department Nguyen Hong Duong highlighted Vietnamesefirms can capitalise on the Canadian market’s strengths to develop supportingindustry as the Canadian authorities have shown their increasing interest inthe Vietnamese market. Besides, the bilateral free trade agreement will createa legal framework for business activities of enterprises in both nations, headded.

Canada also has well-developed technologies, the official said, stressing bothnations can work together in the fields of automobile, garment and textile andfood processing.

According to VASI Vice President Truong Thi Chi Binh, more Canadian firms havecome to Vietnam to look for suppliers in the past two years. Although theamount of spare parts provided for the US is much higher than that for Canada,the types that Canadian firms need seem to be more suitable for Vietnam’sproduction capacity.

Meanwhile, international trade consultant at Quebec Ministry of Economy andInnovation Daniel Dignard said Vietnam is a new and important market forCanadian enterprises.

Local firms have seen Vietnam as an attractive market, which has competitiveedge in terms of market access and ability to join manufacturing value chain,he said, adding they feel upbeat about a stronger Vietnamese market in the timeahead.

Vietnam will continue to be a leading trade partner of Canada in the ASEANbloc, and the fifth largest trade partner in Asia, just after Japan, China, theRepublic of Korea, and China’s Taiwan in 2019, according to experts. In thefirst seven months Vietnam exported 2.21 trillion USD worth of products to theAmerican market, increasing 32.69 percent from the same time last year./.