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Vietnam, Canada negotiate investment agreement
Vietnam and Canada have completed the second round of negotiations on investment encouragement and protection agreement, focusing on principles of national treatment, preferences and regulations regarding investment in Vietnam.
During the meeting in Ottawa from September 30-October 2, the two sides discussed issues related to money transfer tax and the resolution of disputes between investors and investment recipients, as well as between the two countries.
The Vietnamese side, led by Pham Manh Dung, head of the Legal Affairs Department under the Ministry of Planning and Investment, affirmed that the signing of the agreement will create a legal framework for increasing investment and trade between the two countries.
Mr Dung asked Canada to consider Vietnam as a developing country so as to limit its requirements within the framework of the World Trade Organisation (WTO) and current international legal ones. He also asked Canada to recognise Vietnam’s market economy to facilitate the expansion of comprehensive and effective cooperation between the two countries.
The two sides agreed to hold the next round of negotiations in Hanoi.
Currently, Canada is Vietnam’s fifth largest foreign investor, with its total investment capital reaching US$6.2 billion. Two-way trade last year hit almost US$1 billion.
Vietnam has so far signed investment encouragement and protection agreements with 50 countries and territories in the world.
VOV
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