VNA | 04 October 2008
Vietnam, Canada discuss bilateral investment pact
Hanoi has requested Canada to consider Vietnam a developing country and limit its requirements within current international treaties while negotiating a bilateral investment promotion and protection agreement.
The request was made during the second round of negotiations on the agreement held in Ottawa from September 30-October 2.
The focus of this round was on principles guiding national behaviors, preferences and regulations regarding investment in Vietnam.
The two sides also discussed issues relating to money transfer tax and the resolution of disputes between investors and investment recipients, as well as between the two countries.
The Vietnamese side affirmed that the signing of the agreement will create a legal framework for investment and trade between the two countries, but said as a developing country, Vietnam should receive the benefit of having demands limited within the ambit of current international treaties.
Canada should also recognize Vietnam’s market economy orientation and facilitate the expansion of comprehensive and effective cooperation between the two countries, they added.
The two sides agreed to hold the next round of negotiations on the agreement in Hanoi.
Trade and investment ties between Vietnam and Canada have been growing steadily with two-way trade reaching almost US$1 billion in 2007.
Canada is ranked fifth among 82 countries and territories with its Vietnam investments amounting to $6.2 billion.
Vietnam has signed investment encouragement and protection agreements with 50 countries and territories in the world.
The first round of talks on the bilateral investment promotion and protection agreement was held in Hanoi last year.