Canada says trade potential with Viet Nam has no limit

Canada's President of the Treasury Board and Minister for the Asia-Pacific Gateway, Stockwell Day, spoke to Viet Nam News about the huge potential for increased economic co-operation with Viet Nam.

What is the main purpose of your visit to Viet Nam?

A few days before coming to HCM City, I was in Ha Noi. This morning I spent about five hours on the Sai Gon River, touring major port operations.

In Ha Noi, I met the ministers of Planning, Investment and Home Affairs. We shared information and discussed how our governments can work together. Accompanying me is a delegation of enterprises from the marine industry and other sectors. We hope to see the great friendship between Viet Nam and Canada become even stronger. And we are very optimistic it will happen.

What do you see as the role of Viet Nam with regard to the Asia- Pacific Gateway and Corridor Initiative?

We believe that Viet Nam has much to offer. There is a lot of port expansion going on right now, here in Viet Nam. I have talked to people in the shipping industry in this part of Asia and there are more and more shipments of products going to America. And they see ports in Vancouver and Prince Rupert as an advantage for the (transport of) regional goods to North America.

Are there any agreements planned between the two countries, especially on projects relating to the Asia- Pacific Gateway and Corridor Initiative?

There is no limit to the co-operation potential between the two countries. For example, there are several Canadian teachers in Viet Nam. Besides, there will be possibility of co-operation in science and education.

There are more and more Canadians choosing to stay on in Viet Nam. For instance, today I met a businessperson from Canada. He owns a very large furniture-making business and sells furniture around the world. He finds that in Viet Nam the workers are skilled and hardworking.

For opportunities in logistical co-operation, when trade continues to grow, there will be more co-operation in this area. In my delegation there are several companies offering technology related to the logistics industry.

I think there is great potential for co-operation in the port industry as well. Bilateral trade between the two countries reached US$1.2 billion last year. When trade co-operation develops, the opportunity to co-operate in the port industry will expand.

What advantages do Canadian ports offer Vietnamese businesses?

Vietnamese and Asian enterprises have said that it's a shorter way to Vancouver than Los Angeles. It's a fact that ports in Canada are modern and efficient. That means the dwell time and resting time of containers landing in the port is generally less than 24 hours. Many American ports find it difficult to match that in terms of efficiency.

In 2006, we invested US$3.6 billion in modernising the ports and in building roads and a railway system, so that is very good for Viet Nam. From Vancouver goods can be easily be transported to everywhere in America.

The railway and road systems in Canada can transport containers to everywhere in the north and central America within 100 hours. This is also the point of the Asia- Pacific Gateway and Corridor Initiative.

Canadian foreign direct investment to Viet Nam ranks tenth. Will this continue in the coming years?

It will increase even more. I have talked to the Minister of Planning and Investment. We are very close to having a foreign investment protection agreement, so people in both countries will have a surge in confidence.

How do Canadian businessmen evaluate the investment environment in Viet Nam and what should be improved to create more favourable conditions for Canadians and other countries to invest in Viet Nam?

I have talked with the Minister of Planning and Investment about the reduction of regulations that maybe unnecessary and costly. All governments have to continuously review how they do business, so they don't build up layers of complexity. Viet Nam and the Canadian Chamber of Commerce in Viet Nam are working together to harmonise regulations for enterprises in the country.

Besides the shipping industry, what are the sectors that Canadian businesses would give investment priority to in Viet Nam?

Canadian businesses have great interest in the Public – Private – Partnership for investment in infrastructure in Viet Nam. Many Canadian companies have been successful in huge infrastructure projects in the world, for example, the railway system in China. Viet Nam has much potential for investing in the sector. Textiles and the furniture industry in Viet Nam are also of great interest to the Canadian business community. In foodstuff, Vietnamese coffee has potential. Canadians like Vietnamese coffee. — VNS