Vietnam – a gateway for Canadian firms to enter ASEAN: Canadian business insiders

Being the largest trade partner of Canada in ASEAN, with two-way trade topping 7 billion USD in 2022, Vietnam will play an important role as a gateway for Canadian firms to enter the region bloc that has one of the highest growth rates in the world and is expected to be the world’s consumption centre by 2030 given its market size, according to Canadian business insiders.
Vietnam – a gateway for Canadian firms to enter ASEAN: Canadian business insiders ảnh 1At the "Vietnam, the door to the Indo-Pacific for Quebec businesses" forum (Photo: VNA)
Ottawa (VNA) – Being the largest trade partner of Canada in ASEAN,with two-way trade topping 7 billion USD in 2022, Vietnam will play an importantrole as a gateway for Canadian firms to enter the region bloc that has one of thehighest growth rates in the world and is expected to be the world’s consumptioncentre by 2030 given its market size, according to Canadian business insiders.

Canadian enterprises, including those from Quebec, have expressed their keeninterest in the Vietnamese market, given the thriving trade ties between thetwo countries since the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) came into force five years ago.

Trade revenue between the two countries rose from 3.86 billion USD in 2018 tomore than 7 billion USD in 2022. During January – June this year, the figure reached 3.6billion USD.

Director General of the Indo-Pacific Region under the Quebec Ministry of InternationalRelations and Francophonie Gabriel Chartier said that the ministry rolled out itsIndia-Pacific Strategy in 2021, which identified Vietnam andother Asian countries as important partners to expand business activities.

The Quebec international investment agency was established, responsible forsupporting local firms who want to develop their business in Vietnam, he added.

There are around 125 cooperation projects between Vietnam and Quebec. Two-waytrade has exceeded 1.5 billion USD, with the Canadian side selling electronics,agricultural products and medical equipment to Vietnam, and buying footwear andclothes from the Southeast Asian country.

The two sides are planning to carry out new cooperation projects, helpingdiversify collaboration in all areas, from culture, sustainable development totechnology study.

Vice President of the Indo-Pacific at Export Development Canada (EDC) GeorgeMonize described Vietnam as an amazing market with high GDP growth and an expanding middle class.

According to Chairman of Groupe Engram Remy Franzoni, his customers have beencurious and interested in cooperation opportunities with Vietnam, which holdsstrengths in technology and electronics.

The sound Vietnam-Canada relations have contributed to concretisingCanada’s Indo-Pacific Strategy and its strategic partnership with ASEAN, hesaid, adding the Quebec authority and the Canadian Government as a whole have givenpriority to Vietnam, and consider the country a new intersection in the globalvalue chain due to the cooperation potential in key areas./.

See more

Representatives from industry associations share insights on Vietnam’s market trends. (Photo: VNA)

Vietnam, Thailand boost industrial trade exchange

Trade between Vietnam and Thailand reached 20.18 billion USD in 2024, up 6.4% year-on-year. Thailand remained Vietnam’s top ASEAN trade partner, accounting for 24% of its total trade with the bloc.

Representatives from Lao and Vietnamese agencies at the signing ceremony. (Photo: VNA)

Vietnam, Laos strengthen energy cooperation

A 1,200 MW wind power plant in Nong district, Laos’ Savannakhet province is expected to export 1,526 kWh to Vietnam annually once its first phase completes by the end of 2027, and additionally 1,112 million kWh per year after its second phase becomes operational in 2030./

A view of the Hanoi skyline. While rental properties continue to be in demand, there has also been a notable rise in the number of foreigners looking to buy houses. (Photo: VNA)

Housing demand from foreigners in Hanoi rises

Over several years, Hanoi has increasingly become an attractive destination for foreign workers, with approximately 10,000 new foreign workers are granted licences to work in the city each year.

A high-tech corn, sorghum and grass farm in Nghe An province (Photo: VNA)

Realising circular economy to achieve sustainable development goals

Developing a circular economy has been recognised as one of the priority directions to achieve overarching goals such as waste management, efficient resources utilisation, environmental protection, disaster prevention, and climate change adaptation in the country's next development phase.