(MPI) - At the working session with the Canada-ASEAN Business Council (CABC) led by Mr. Wayne Farmer as CABC Chairman, Deputy Minister of Planning and Investment Tran Duy Dong has informed about Vietnam's priority policies in socio-economic development and attracting foreign investment, as well as trade and investment cooperation opportunities between Vietnam and Canada.

Photo: MPI

Deputy Minister Tran Duy Dong welcomed Mr. Wayne Farmer and members of the Delegation for their visit and work at the Ministry of Planning and Investment. The Deputy Minister also expressed his high appreciation to the trade and investment cooperation relationship between Vietnam and Canada with numerous opportunities and potentials to develop the investment cooperation relationship between the two countries.

He also praised CABC as the first and only Canadian organization recognized by ASEAN, and wished to further the cooperation with CABC to contribute to the sustainable economic development of Vietnam by utilizing Canada's strengths in expertise and resources to promote innovation and investment cooperation between both nations.

By far, Canada has about 260 investment projects in Vietnam with a total registered investment capital of about USD 4.85 billion. Canadian projects invest in 16 fields in Vietnam, such as processing, manufacturing, mining, services, accommodation, finance and banking, insurance, etc. Regarding Vietnamese investment in Canada, Vietnamese investors have invested in Canada with about 16 projects and a total investment capital of about USD 90 million.

CABC Chairman Wayne Farmer thanked Deputy Minister Tran Duy Dong for his time to welcome the Delegation; for having informed the purpose of this Delegation's visit and work to Vietnam as well as the results achieved through working sessions with a number of Vietnamese ministries and branches.

CABC was established in 2012, acting as the representative of Canadian private businesses operating in Southeast Asia with the mission of promoting economic cooperation between Canada and ASEAN, including Vietnam.

At the working session, Mr. Wayne Farmer and members of the Delegation informed about CABC's cooperation goals, including Vietnam. The Delegation raised concerns related to socio-economic development goals, situation of attracting foreign investment, and Vietnam's priority directions in the coming time. The Delegation also wished to cooperate and invest in Vietnam, especially in CABC’s areas of strength.

On goals and solutions to promote Vietnam's socio-economic development, Deputy Minister Tran Duy Dong said that Vietnam was focusing on strategic breakthroughs in institutions, infrastructure, and human resource development. Vietnam is also focusing on promoting economic growth; perfecting legal institutions; building and developing infrastructure systems; restructuring the economy; developing high-quality human resources, especially in the fields of biotechnology, artificial intelligence, chips and semiconductors associated with promoting scientific research, development and application of technology, innovation, and entrepreneurship.

Currently, Vietnam is training 100 thousand high-quality engineers, of which 50 thousand high-quality engineers are in the semiconductor industry so as to be ready for opportunities and projects for developing strategic industries and fields, especially large FDI projects.

Regarding attracting foreign investment, Vietnam's business investment environment maintains its positive assessment by the international community. Various multinational corporations, especially large corporations in the fields of technology, electronics, and semiconductors, have been researching and establishing production bases in Vietnam. A new wave of investment is coming to Vietnam.

Additionally, with the policy of selectively attracting and cooperating foreign investment, setting quality, efficiency, technology and environmental protection as the principal evaluation criteria, Vietnam wishes to promote cooperation in fields with high added value and spillover effects such as innovation, technology, electronics, chips, semiconductors, new energy (such as hydrogen), research and development, artificial intelligence (AI), international financial center, essential infrastructure, free trade zone, non-tariff zone, high quality human resources training, etc. These are also fields within Canada’s great experience and strengths.

Deputy Minister Tran Duy Dong also clarified specific issues of concern to members of the Delegation and hoped that CABC would continue its research and expand investment cooperation between the two countries, acting as a bridge for businesses, research institutes and universities in Canada to strengthen cooperation with Vietnam. Furthermore, he wished to keep seeking opportunities to strengthen cooperation between Vietnam and Canada in different fields, especially in the priority areas of the National Innovation Center (NIC), including smart factories, smart cities, digital communications, cyber security, environmental technology, medical technology, semiconductor industry and Green Hydrogen. Concurrently, CABC is expected to coordinate with NIC to research and promote innovation activities, specifically the short-term and long-term training and exchange programs between business delegations of Vietnam and Canada./.

Bảo Linh

Ministry of Planning and Investment