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British Columbia and Vietnam

Vietnam’s economy is one of the fastest growing markets in Asia and the most open to trade globally. Vietnam possesses a growing population with a rising purchasing power and has shifted significantly towards a value-added economy. The country’s economy is export-focused and has been a leader in attracting foreign investment in manufacturing industries. As a country with a prominent international trade presence, there are many opportunities for B.C. companies to seek new collaborations and partnerships in a variety of sectors.

Trade & Investment Highlights

B.C. and Vietnam maintain a stable economic relationship that is supported by the Comprehensive and Progressive Agreement for Transpacific Partnership – the CPTPP supports B.C. exporters by eliminating tariffs on Canadian exports into Vietnam.
Canada is currently negotiating a free trade agreement (FTA) with ASEAN, of which Vietnam is a member.
In 2022, Canada and Vietnam established the Canada-Vietnam Joint Economic Committee (JEC), a non-legally binding mechanism dedicated to advancing trade and economic cooperation between the two countries. This mechanism provides an ongoing opportunity to discuss current and emerging trade and commercial issues.
Through Canada’s Indo-Pacific Strategy, Canada will contribute to Vietnam’s transition to more renewable and sustainable energy sources, and support Vietnam’s commitments to strengthen inclusive governance.

Vietnam at a Glance

Monetary figures are in USD

Opportunity for Foreign Investors and B.C. Exporters

Aerospace

Vietnam’s extensive infrastructure development, rapid growth of air carriers, aircraft fleet, and high rate of MRO services being outsourced can lead to high potential opportunities in the market. Opportunities include aircraft and parts, ground support equipment, air traffic management equipment; architectural, engineering and construction management services, safety and security equipment and solutions, IT solutions for airport operation and management, MRO services.

Agrifood & Agritech

Canada’s agricultural practices are regarded for quality and safety. B.C. can leverage this reputation and navigate opportunities for modern food production techniques with high quality inputs. Consumers in Vietnam are increasingly willing to pay for quality, convenient and healthy food products. Vietnam’s consumption has risen, and domestic supply will not meet demand. B.C. exporters can capitalize on these opportunities and Vietnamese consumers can benefit from increased product accessibility.

Cleantech

With a mutual interest in developing an energy transition agenda, B.C. and Vietnam have committed to a Net Zero target by 2050. Vietnam’s National Power Development Master Plan VIII places an emphasis on renewable energy development. Vietnam has ideal weather conditions for solar and wind production and there is potential to grow the renewable energy sector. B.C. exporters can support Vietnam with niche renewable energy technologies – particularly in the field of hydrogen and fuel cells.

Forestry

Vietnam’s forestry sector is increasing its focus on certified sustainable sources. Canada contains more third-party certified forests than any other country, creating opportunity for B.C. businesses. A decrease in the supply of traditionally used Southeast Asian hardwoods and reduced barriers to trade wood, paper and pulp particles through the CPTPP has created space for B.C. to further establish its presence in Vietnam’s forestry market.

ICT

Vietnam is rapidly transitioning towards a digital economy and is expected to import the bulk of its hardware, software and services. The fintech sector in Vietnam also has a high growth potential due to a rising middle class, economic growth, large youthful population and low banking penetration rate. This provides trade and investment opportunities for B.C. companies entering the market.

Life Sciences

Vietnam’s government has identified the pharmaceutical industry as a potential driver for future economic growth. As a result of Vietnam’s aging population and a growing incidence of chronic diseases, there is a growing demand for advanced healthcare products and services. There are opportunities for B.C. companies to support Vietnam’s life sciences sector in meeting its demand for medical equipment, digital health and health education training.

Vietnam Top Industries (2018-2022)

Industries for Outward Investment

Investment Opportunities in Canada: Food & Beverages

Investment Opportunities in Canada: Electronic Components

Investment Opportunities in Canada: Automotive (OEM)

_{Source: FDI Markets}

Import Industries
(by value)

Investment Opportunities in Canada - Electrical Machinery Equipment

Investment Opportunities in Canada: Machinery

Investment Opportunities in Canada: Plastics

_{Source: International Trade Centre}

Fastest Growing Import Opportunities

Investment Opportunities in Canada: Man-Made Textiles

_{Source: International Trade Centre}

BC Export Industries to Market

Investment Opportunities in Canada: Mineral Fuels & Oils

Investment Opportunities in Canada: Wood Pulp & Recovered Paper

Investment Opportunities in Canada: Wood Products

_{Source: BC Stats, data sourced from Statistics Canada}

Trade & Investment Resources

For B.C. Businesses

For International Businesses

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How We Help

Assist in commercial location identification and site selection.
Provide information on transportation infrastructure and logistics gateways.
Offer introductions to sector associations, industries and provide cluster insight.
Facilitate understanding and solutions for talent, skilled workforce and labour mobility
Facilitate engagement with professional advisors on legal, compliance and tax matters
Help navigating and offering referrals within government agencies on First Nations, business and regulatory processes.

Identify high potential investment opportunities and offer industry insight.
Introductions to sector associations and local industry contacts.
Introductions to companies seeking investments to expand.
Provide knowledge on local innovation hubs and connections to entrepreneurial opportunities.
Introductions to local venture capital networks.

Assist in navigating government export programs and financial supports.
Advice and coaching in international expansion and exporter development.
Support Team BC missions and trade events.
Match buyers and sellers in local and foreign markets.
Provide insight on trade agreements and barriers.
Introductions to trade representatives in foreign markets.
Market entry assistance in international markets.

Trade & Investment Offices

Vietnam
- Ho Chi Minh City

Ho Chi Minh City

The British Columbia trade and investment office for Vietnam is located in Ho Chi Minh City, Vietnam. The office provides B.C. companies with direct market access into Vietnam and other countries in the rapidly growing ASEAN economic region.

Our experienced trade and investment professionals help export-ready companies network and capitalize on business opportunities in the region; we invite you to contact us to learn more.

Vietnam Office:
Consulate General of Canada
The Metropolitan, Suite 1002,
235 Dong Khoi Street, District 1,
Ho Chi Minh City, Vietnam

Contact our Trade and Investment Representatives. Our team welcomes your inquiries:

Rohan Belliappa
Managing Director, ASEAN

An Vuong
Senior Commercial Officer

Nguyen The Hien -Trade and Investment BC

Nguyen The Hien
Trade and Investment Representative

Connect With Our International Network

Our Trade and Investment Representatives can help you establish the right connections, participate in events and tradeshows, explore programs and initiatives, and more. Connect with an expert near you.

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