Association to work harder for stronger Vietnam - Canada economic ties
The Vietnamese - Canadian Business Association (VCBA) is set to further promote business matching between the two countries to help fuel bilateral economic ties in the coming years.
Delegates attend the VCBA's second congress via videoconference at the Vietnamese Consulate General in Vancouver city. (Photo: VNA)
Ottawa (VNA) – The Vietnamese - Canadian Business Association (VCBA) is set to further promote business matching between the two countries to help fuel bilateral economic ties in the coming years.
The VCBA held the second congress for the 2024 - 2027 tenure in the hybrid format on July 19, attracting its members across Canada and other countries, along with representatives of the State Committee for Overseas Vietnamese Affairs under the Ministry of Foreign Affairs, and the country’s embassy and consulate general in Canada.
In his speech, new VCBA Chairman Chau Tu Cuong pledged to continue bringing into play the achievements obtained so far and show better performance in connecting and supporting the two countries’ entrepreneurs.
In a congratulatory letter sent to the congress, Deputy Minister of Foreign Affairs Le Thi Thu Hang, who is also Chairwoman of the State Committee for Overseas Vietnamese Affairs, affirmed the Foreign Ministry’s readiness to give support so that the VCBA can work more effectively, helping enhance the strength of the Vietnamese community in Canada and around the world.
The VCBA, founded in Vancouver city on August 2022, aims to gather and connect Vietnamese and Canadian entrepreneurs who share the intention to invest and do business in the two countries so as to foster bilateral economic links.
It has been officially recognised and licensed to operate across the Canadian territory by the Canadian Government. This has helped quickly increase its membership, which now doubles the initial 350 members.
Bilateral trade was maintained at more than 10 billion USD in 2022 and 2023, turning Vietnam into the largest trading partner of Canada in the Association o🌜f Southeast Asian Nations (ASEAN), staಌtistics show./.
The export value of Vietnamese coffee to Canada reached over 4.4 million USD in the first quarter of 2024, up 12.2% compared to the same period last year.
Two Vietnamese firms – Tufoco and Sapo DAKLAK - joined SIAL Canada 2024, the largest food innovation trade show in Canada and North America, which drew tens of thousands of exhibitors from more than 40 countries and over 20,000 visitors from around the world.
Canada’s commitment to support Vietnam’s clean energy transition and goals to achieve net-zero, and its willingness to share its expertise and experiences underscore the depth of collaboration between the two countries, visiting Canadian Minister of Export Promotion, International Trade, and Economic Development Mary Ng said.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
