Canada's westernmost province of British Columbia has opened a new trade and investment office in Vietnam as part of a new international trade strategy to provide more jobs and opportunities for B.C. and Vietnamese businesses to work together.
The Trade and Investment Representative Office opened in Ho Chi Minh City to assist B.C. businesses with better access to the Vietnamese market and promote B.C. origin exports.
“The global economy has drastically shifted over the last few years and the pandemic and global uncertainties have shown us the impacts they can have on our economies and supply chains, and the importance of strengthening our international partnerships,” B.C.’s Minister of State for Trade Jagrup Brar said at a ceremony held to announce the office’s opening in Ho Chi Minh City on Thursday evening.
“Strengthening our relationships with global partners -- like Vietnam -- is so important.
“B.C. and Vietnam have benefited from trade across a variety of sectors and we know there is even greater potential.
“This office, co-located at the Consulate General of Canada in Ho Chi Minh City, supports more resources and connections between B.C. and Vietnam.
“It creates more good trade and investment opportunities, optimizes the way that we do business, and get people the goods and services that they need.”
|British Columbia’s Minister of State for Trade Jagrup Brar speaks at a ceremony held to announce the Trade and Investment Representative Office’s opening in Ho Chi Minh City on May 25, 2023. Photo: Dong Nguyen / Tuoi Tre News|
According to him, Vietnam is one of the key new markets that the Canadian province has identified as highly potential and one which shares its goals and values.
Information released by the Ministry of Jobs, Economic Development, and Innovation of B.C. showed that Vietnam is Canada’s largest trading partner in Southeast Asia, with the province having an 18.8 percent share of total Canadian exports to Vietnam in 2022.
"Having a trade office in Vietnam increases support for B.C. businesses to access the Vietnamese market, creates more opportunities and well-paid jobs, and generates clean and inclusive economic growth here at home," B.C.’s Minister of Jobs, Economic Development, and Innovation Brenda Bailey stated in a press release on Thursday.
The Trade and Investment Representative Office in Ho Chi Minh City is said to work alongside the Forestry Innovation Investment (FII), which promotes B.C. exports, including value-added wood sales.
“I had the honor of joining the B.C. government to announce the opening of the FII office in Binh Duong Province last year, which supports the strong furniture making industry, and is also a vivid example of our two-way economic relationship,” said Quang Trung Nguyen, Consul General of Vietnam in Vancouver.
“The opening of B.C.’s new Trade and Investment Representative Office in Vietnam demonstrates not only our fast-growing economic partnership, but also the B.C. government’s determination to support more good jobs and opportunities for both B.C. and Vietnamese businesses.
“This announcement will surely help cement our great existing relationship this year, especially as we celebrate the 50th anniversary of our diplomatic relations.”
|Guest try oysters from British Columbia at a ceremony held to announce the Trade and Investment Representative Office’s opening in Ho Chi Minh City on May 25, 2023. Photo: Dong Nguyen / Tuoi Tre News|
Vietnam was the 23rd-largest destination for B.C. origin exports in 2022, according to the Ministry of Jobs, Economic Development, and Innovation of B.C..
In 2022, fruits exported from B.C. to Vietnam accounted for 88 percent of the total Canadian export market share and was valued at CAD20.5 million (US$15 million).
Agrifood and seafood made up nearly half of all Canadian exports to Vietnam, which was the third-largest destination for Canadian agrifood and seafood shipments in Southeast Asia.
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