Vietnam - launching pad for Canadian companies to enter Indo-Pacific market

The Canada trade delegation attends the second meeting of the Vietnam – Canada Joint Economic Committee in Hanoi on March 27 (Photo: VNA)

Ottawa (VNA) – Export Development Canada (EDC)'s news website edc.ca has recently published an article on opportunities for Canadian companies when investing in Vietnam.

According to the article, Vietnam is quickly becoming the new Asian hub with rapid macro-economic growth and opportunity.

To help Canadian exporters and investors take advantage of the vast potential within this market, within the framework of the Canadian trade delegation's visit to Vietnam, EDC announced that it will open a new representative office in Ho Chi Minh City to ensure it can provide Canadian exporters and investors with what they need to enter the market.

Mairead Lavery, President and CEO of EDC, said that Vietnam is unique and it will offer an opportunity for Canadian companies and investors to penetrate this market, adding that EDC will act as a partner that can provide support.

According to Lavery, Vietnam offers Canadian exporters a geographical advantage to enter other Indo-Pacific markets with ease while also providing companies a cost-competitive advantage in doing business.

With a growing middle class and one of the fastest growing economies in the world, exporters and investors should view this market as a significant opportunity for growth in the region, he said, noting that locating at the heart of the Indo-Pacific make Vietnam attractive for exporting and developing a company’s hub.

According to New World Wealth, Vietnam is positioned to see the sharpest spike in wealth growth in the world over the next decade. In addition, the Vietnamese government has committed to achieving carbon neutrality by 2050. This creates an opportunity for investors and companies in a variety of sectors of Canadian strength, including clean technology and renewable, agriculture, advanced manufacturing and infrastructure, the article wrote.

Mary Ng, Canada’s Minister of Export Promotion, International Trade and Economic Development, said that Vietnam's rapid economic growth in the Indo-Pacific region positions the country as a promising hub for Canadian businesses.

As Canada's largest trading partner in the Association of Southeast Asian Nations (ASEAN) and a key member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam offers favourable prospects for exporters and investors of the North American nation.

The new EDC representative office in HCM City will be a valuable resource for Canadian companies seeking to grow into the Indo-Pacific region, she added./.