HCMC and British Columbia have many co-operation opportunities - HCMC and British Columbia have many co-operation opportunities - Website Ho Chi Minh City
On November 19, Chairman of HCMC People’s Committee Le Hoang Quan received Mrs. Terasa Wat, Minister of International Trade and Minister responsible for Asia Strategy and Multiculturalism of British Columbia – Canada.
At the meeting, Mr. Le Hoang Quan expressed his delight at receiving the delegation of British Columbia, both leaders witnessed the signing ceremony of Letter of Intent. Mr. Quan stressed the Letter is an important opportunity for further promoting co-operation between both localities. Mr. Quan said Canada has now 55 investment projects in HCMC with total investment capital of 115 million Eu, in October 2015, export value of HCMC to Canada reached US$ 230 million, up 20% compared to previous year, which major export to British Columbia. In return, import value of HCMC from Canada reached US$ 124 million, up 70%. Mr. Quan added HCMC is expected to increase its export value to US$ 3 billion in 2015, to increase two way trade between HCMC and Canada to US$ 500 million in 2015, US$ 600 in 2018 and US$ 1 billion in 2020.
According to Mr. Quan, co-operation potential between HCMC and Canada is very huge, of which British Columbia (Canada) and HCMC have the same geographic advantages such as sea ports, large export gateways. So, HCMC and British Columbia can make use of both sides’ strengths and potential to strengthen co-operation. He expressed his hope that after this visit, the co-operation and trade promotion of both sides will be continuously developed.
In her part, Mrs. Terasa Wat affirmed Canada and Vietnam has many advantages and co-operation opportunities in fields of trade and investment when both countries are members of TPP. She hoped that after signing the Letter of Intent, HCMC and British Columbia will work out detailed plans and officially sign co-operation deal on trade and investment a year later.
Mrs. Terasa Wat commented that British Columbia has many advantages in fields of forestry, mining, agriculture, seafood. The two way trade between Vietnam and Canada stayed at US$ 49 million 7 years ago, but now reached US$100 million and expected to increase by 20% at the end of 2015. She hoped that export value of HCMC to British Columbia increases in the future and expand into Canadian market.