Hai Phong City and the Canada-ASEAN Business Council (CABC) have signed a letter of intent to foster economic cooperation, technology transfer, scientific research, and innovation, the Government News reported.

Accordingly,  the two parties will work together to develop a Memorandum of Understanding (MOU) to outline specific objectives and implementation plans.

The agreement was signed in October during Hai Phong city's business trip to Canada, led by Vice Chairman of the City People's Committee Hoang Minh Cuong.

Speaking at the signing ceremony, Mr. Cuong emphasized that Hai Phong city, with its strategic location and growing economy, is keen to leverage its strengths in marine economy and industry. The city is seeking support from the CABC to establish and operate startup incubation centers, attract technology corporations, and connect with global startup networks.

The leadership of the Canada-ASEAN Business Council stated that with representative offices in Singapore and Montreal, CABC is a non-profit organization that acts as a bridge for business, trade, and investment activities between Canada and ASEAN.

CABC currently represents over 70 leading companies with business or investment activities between Canada and ASEAN countries.

Canadian and Vietnamese businesses in general, and Hai Phong city in particular, have significant potential for cooperation, especially in the areas of innovation, climate change response, and sustainable energy transition.

Members of the Canada-ASEAN Business Council also shared potential areas of cooperation in education, human resource training, scientific research, information technology, cybersecurity, etc.

Through this cooperation, Canadian businesses hope to become a bridge helping Vietnamese businesses access global markets and introduce foreign investors to invest and operate in Vietnam, especially in the northern port city of Hai Phong.