Vietnam, Canada seek co-operation opportunities in energy, production, finance

Delegates participating the seminar in Toronto on Wednesday to promote co-operation in energy, production and finance between Việt Nam and Canada. — VNA/VNS Photo Trung Dũng

OTTAWA — The Commission for Management of State Capital at Enterprises (CMSC), in collaboration with the Việt Nam Trade Office in Canada and the Export Development Canada (EDC), organised a seminar in Toronto on Wednesday to connect the two countries’ businesses and seek cooperation opportunities in energy, production, and finance.

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.

Đỗ Hữu Huy, CMSC Vice Chairman, said that through this event, Việt Nam could learn a great deal from Canada regarding the management of these enterprises.

Speaking to the Vietnam News Agency, Trade Counselor of the Vietnamese Embassy Trần Thu Quỳnh said that CMSC members and SOEs in Việt Nam 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 Việt Nam 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 per cent increase compared to five years ago. Việt Nam has become Canada’s largest trade partner within ASEAN, while Canada has been the second-largest investor and trade partner of Việt Nam in North America. — VNS