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Canadian firms sound out investment opportunities in Vietnam

Thuy Dung
Thursday,  Dec 7,2017,23:09 (GMT+7)
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Canadian firms sound out investment opportunities in Vietnam

Thuy Dung

HANOI – A Canadian business delegation comprising 60 firms from Ontario province led by Premier Kathleen Wynne has come in Vietnam to sound out investment opportunities.

Kathleen Wynne said at a business contract signing ceremony in Hanoi on December 6 that Ontario attaches importance to ties with fast growing markets like Vietnam and expects to cooperate with Vietnam in the business, trade and education sectors.

In HCMC, some Ontario businesses earlier clinched contracts with Vietnamese partners in education, construction, innovation and hi-tech. Many cooperation agreements between universities and colleges of the two sides were also concluded in Hanoi.

Can Nguyen, managing CEO and president of Nurture Growth Bio Fertilizer Inc which specializes in bio-organic fertilizers, said its products help improve soil, increase crop output 15-30%, keep the natural sweetness of plants and do not require plant protection chemicals.

Vietnam’s Truong Son Bio Ltd. signed an agreement worth CAD2 million with Ontario’s Nurture Growth Bio Fertilizer Inc to use Nurture Growth brand. In addition, Nurture Growth will allow Truong Son Bio to produce bio-organic fertilizers in Vietnam.

On the sidelines of the signing ceremony, Marty Philippi, president of MAPAgri which provides solutions to cattle-feed and dairy butter producers, said the company has been present in Vietnam since 2010 to seek customers and introduce its technological solutions to Vietnamese firms. The company now has a large number of customers in milk, cheese and cattle-feed production sectors.

Philippi expected to win more contracts with Vietnamese agricultural firms.

Iain McColl, director of Hibar System, a supporting industries company in the fast moving consumer goods (FMCG) sector, said the firm’s products had been sold to Vietnam via a third party. Hibar System, on this occasion, signed a cooperation agreement with a Vietnamese instant noodle producer, enabling the company to penetrate the Vietnamese market.

Two-way trade between Ontario and Vietnam was US$3.1 billion last year, a fourfold increase over 2012. Ontario mainly imports phone parts, burlap, footwear, computers and furniture from Vietnam.

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