Vietnam emerges as new Asian hub with rapid macro-economic growth

As part of efforts to help Canadian exporters and investors take advantage of the vast potential that exists within this market, EDC, Canada’s export credit agency, has unveiled that during the Team Canada Trade Mission to Malaysia and Vietnam, it will be opening a new representation this fall in Ho Chi Minh City.

This will be done as part of efforts to ensure that it can provide Canadian exporters and investors with what they need to enter this fast-growing market.

With significant capital available to deploy throughout the region, on-the-ground market intelligence, connections to the right people, and availability of insurance products, EDC can help to grow and protect Canadian firms interested in expanding into the dynamic Vietnamese market.   

“Vietnam is unique. It presents an opportunity for Canadian companies and investors to enter an economy with immense potential and EDC is a partner that can help,” said Mairead Lavery, president and CEO of EDC.

 “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. Combine that with a growing middle class and one of the fastest growing economies in the world, exporters and investors should be looking to this market as a significant opportunity for growth in the region,” he added.   

Often overlooked, Vietnam is located at the heart of the Indo-Pacific region, which makes it attractive to companies looking to export and develop a production hub.

According to New World Wealth, the country is positioned to see the sharpest spike in terms of wealth growth in the world over the next decade. In addition, the Vietnamese Government has committed to achieving carbon neutrality by 2050. This will serve to create further opportunities for investors and companies across a variety of sectors of Canadian strengths, including clean technology and renewables, agriculture, advanced manufacturing, and infrastructure.

Canadian Minister of Export Promotion, International Trade and Economic Development Mary Ng said, “I’m pleased to be in Vietnam this week as part of our Team Canada Trade Mission, building new partnerships between Canadian and Vietnamese companies.” 

“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 ASEAN and a key member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam offers favorable prospects for our exporters and investors. The new EDC representative office in Ho Chi Minh City will be a valuable resource for Canadian companies seeking to grow into the Indo-Pacific region,” the Canadian Minister noted.