Premier Concludes Business Mission to China and Vietnam
More Than $2.3 Billion in New Agreements Expected to Create More Than 2,300 New Ontario Jobs
Premier Kathleen Wynne concluded her business mission to China and Vietnam this week.
The Premier spent four days in Vietnam, along with a delegation of almost 60 Ontario business and academic leaders -- the largest Canadian delegation to Vietnam in history.
In Ho Chi Minh City and Hanoi, the Premier met with political and business leaders to strengthen Ontario's growing ties with Vietnam and open doors to new economic opportunities and research partnerships.
During the Vietnam mission, the Premier announced agreements valued at about $30 million between Ontario and Vietnamese institutions, including:
- Ontario's Ownace International Group and Vietnam's Costcovn Import Export Co. Ltd. signed a $3 million agreement to sell and distribute Ontario-grown specialty grains and other food products in Vietnam
- Centennial College signed three agreements, valued at more than $5 million each, for academic cooperation with HUTECH University of Technology, Hoa Sen College and Khanh Hoa University
- Ontario's Organization of Women in International Trade signed a Memorandum of Understanding with the Vietnam Women Entrepreneurs Council to apply their respective and collective capabilities to benefit women business owners in Vietnam and other countries.
In Ho Chi Minh City on Monday, Premier Wynne met with Don Lam, Chief Executive Officer and Co-Founder of VinaCapital, to discuss Vietnam's economy and opportunities for collaboration with Ontario.
The Premier delivered an economic speech outlining how Vietnam offers a special partnership opportunity for Ontario. She also participated in a roundtable discussion on climate change, corporate social responsibility and child welfare with NGO and community business leadership, including CHANGE, the LIN Center for Community Development and the World Bank Group.
Over the course of four days, the Premier held meetings with senior Vietnamese political leaders, including Prime Minister Nguyễn Xuân Phúc, to discuss how Ontario and Vietnam can work together to build economic prosperity in both regions. Premier Wynne also met with the Chairman of the People's Committee of Ho Chi Minh City, Nguyễn Thành Phong; the Chairman of the People's Committee of Hanoi, Nguyễn Đức Chung; and the Standing Deputy Secretary of Hanoi, Ngo Thi Thanh Hang.
The Premier also visited Vietnam National University's University of Social Sciences and Humanities in Hanoi to speak with students and Rector Dr. Pham Quang Minh about women in leadership.
As part of the business mission to China, the City of Vaughan also signed a Memorandum of Understanding with Beijing Film Academy and the Canadian Association of Industry and Commerce to foster cultural prosperity between the academy and the City.
Building on the success of the Premier's business mission to China, Ontario, in partnership with Tourism Toronto, also announced that Amway China has selected Toronto to host its 25th Anniversary Leadership Seminar in 2020. This event will welcome about 10,000 distributors to Toronto, generating an estimated $80 million in revenue.
Expanding the province's global footprint to create new opportunities for workers and businesses at home is part of Ontario's plan to create fairness and opportunity during this period of rapid economic change. The plan includes a higher minimum wage and better working conditions, free tuition for hundreds of thousands of students, easier access to affordable child care, and free prescription drugs for everyone under 25 through the biggest expansion of medicare in a generation.
- In 2011, two-way trade between Ontario and Vietnam was just $700 million. In 2016, it had reached more than $3 billion.
- Vietnam’s real GDP growth has been among the fastest in the world, growing by more than six per cent in 2016.
- In total, the Premier’s 2017 mission to China and Vietnam delivered more than 100 new agreements and investments valued at more than $2.3 billion and facilitated more than 1,000 business meetings.
- Supporting Ontario’s global trade strategy, international missions open doors for Ontario exporters and attract new investment — creating jobs, increasing Ontario’s competitiveness and growing the economy.
“As Premier, my number one priority is strengthening Ontario’s economy so that everyone can benefit from new opportunities. Ensuring our businesses and institutions can tap into international markets is a key part of this. And as the results of this business mission show, connecting face to face is crucial to building the strong global partnerships that help our businesses grow and create good jobs for people in Ontario.”
“Trade missions enable Ontario’s businesses to develop leads and convert opportunities into agreements, amid a fast-moving and highly competitive global economy, that drive economic growth and job creation. In fact, Ontario’s Global Trade Strategy is helping our businesses and entrepreneurs increase their export activity in key markets and the agreements we have signed during this mission demonstrate that there is incredible potential for growth between our markets.”