Vietnam, Canada seek cooperation opportunities in energy, production, finance

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CMSC Vice Chairman Do Huu Huy speaking at the seminar

The event, held within the framework of a CMSC delegation’s working visit to the North American region, attracted the interest of many organisations and enterprises from both countries, including the Canada-ASEAN Business Council (CABC) which represents over 80 leading Canadian companies operating in the Association of Southeast Asian Nations (ASEAN).

At the seminar, in addition to connecting and expanding cooperation between the two countries’ businesses, the CMSC delegation and Vietnamese state-owned enterprises (SOEs) also had an opportunity to exchange experiences on state budget management models as well as government support models for SOEs.

Do Huu Huy, CMSC Vice Chairman, said that through this event, Vietnam could learn a great deal from Canada regarding the management of these enterprises.

Trade Counselor of the Vietnamese Embassy Tran Thu Quynh said that CMSC members and SOEs in Vietnam will have various opportunities to cooperate with Canadian businesses, particularly in the fields of clean energy, clean technology, and decarbonisation, which are Canada’s strengths and align well with both parties' goals of promoting government and economic greening.

Vietnamese enterprises in the insurance, rubber, oil and gas, and freight transport sectors are also seen as having significant potential, as these areas can connect into a cooperative ecosystem and represent the next step in linking the production and supply chains between the two economies.

CABC President Wayne Farmer stated that many manufacturing activities have been shifting to Vietnam over the recent past. As the supply chain evolves, there will be significant interest in energy and energy transition related to clean technologies, such as nuclear technology and nuclear power plants.

Bilateral trade reached US$10.4 billion last year, representing a 108% increase compared to five years ago. Vietnam has become Canada's largest trade partner within ASEAN, while Canada has been the second-largest investor and trade partner of Vietnam in North America.

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