Vietnam, Canada meet on investment protection agreement

Ottawa (VNA) - Vietnam and Canada held the second round of negotiations on investment encouragement and protection agreement in Ottawa from Sept. 30-Oct. 2, following the first round in Hanoi last year.

The focus of this round was on principles guiding national behaviours,
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 investment
encouragement and protection agreement will create a legal framework for
investment and trade between the two countries, but adding that Canada
should consider Vietnam a developing country and thus limiting their
requirements within the frame of the World Trade Organisation (WTO) and
current international legal ones.

Vietnam also asked Canada to recognise its market economy in order to
facilitate the expansion of comprehensive and effective cooperation between
the two countries.

The two sides agreed to hold the next round of negotiations on the agreement
in Hanoi .

In recent years, trade and investment between Vietnam and Canada have
been growing with two-way trade reaching almost 1 billion USD in 2007.

Canada 's investment in Vietnam has hit 6.2 billion USD, ranking fifth
among 82 countries and territories in Vietnam .

Vietnam has signed investment encouragement and protection agreements
with 50 countries and territories in the world.-Enditem