Since January, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has taken effect in Viet Nam, opening up Vietnamese businesses for new opportunities and challenges to enter the global market.

A local textiles and garments company

The trade deal was signed by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Viet Nam in Santiago in March 2018.

Amongst the 11 countries, Da Nang businesses have established cooperative relationships with some countries, including Japan, Singapore, Canada, and Chile for many years.

In late March, a group of Canadian businesspeople from 15 enterprises operating in education, construction, and high-tech visited Da Nang to learn about its investment climate.

On behalf of the Canadian visitors, Mr Bryon Wilfert, the Chairman of the Canada Trade Link (CTL), remarked Canadian businesses have been showing their keen interest in pouring their money into the seaside city for a long time.

He also highlighted the significance of the adoption of the CPTPP agreement in creating a stronger motivation for boosting the bilateral cooperative relations between Viet Nam and Canada, as well as opening up many greater investment opportunities, due to the removal of tariff and non-tariff barriers.

The General Director of the Thuan Phuoc Seafood and Trading Corporation, Mr Tran Van Linh, emphasised the signing of the CPTPP in particular, and the Viet Nam-EU free trade agreement (FTA) in general has brought great benefits to local businesses.

“Apart from the removal of tariff and non-tariff barriers, the city’s businesses have enjoyed opener and more transparent business environment”, Mr Linh added.

Mr Nguyen Tien Quang, the Director of the Da Nang branch of the Viet Nam Chamber of Commerce and Industry (VCCI), noted as CPTPP’s member countries invest into Viet Nam, they will have the opportunity to access Southeast Asian and European ones. On the contrary, Vietnamese businesses will have a chance to enter new markets, opening up more opportunities for promoting their investment activities.

With regard for Canada - a new foreign market, Mr Quang said that recent years have seen numerous fruitful results from the cooperative programmes between Da Nang and Canadian businesses in such aspects as textiles and garments, and fisheries.

In recent years, a large number of businesses from Canada have poured money into Da Nang. This has been enhancing the city's position in the international arena.