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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 aerospace sector is a critical driver of its economic growth and development. Post-pandemic, the country leads global domestic aviation recovery and ranks as the fifth fastest-growing aviation market worldwide, according to the International Air Transport Association (IATA). Vietnam is heavily investing in airport construction and modernization, air traffic service enhancements, and expanding maintenance, repair, and overhaul (MRO) capacity. These developments create substantial opportunities for British Columbia (B.C.) companies in aircraft parts and services, ground support equipment, air traffic management systems, and safety and security solutions. Further opportunities lie in architectural and engineering services, IT solutions for airport operations, and advanced MRO technologies. Vietnam’s rapid expansion of air carriers and fleet outsourcing presents a particularly strong market for B.C. expertise and innovation.

Agrifood & Agritech

Agriculture remains a cornerstone of Vietnam’s economy, employing over 13.9 million workers and contributing significantly to GDP. The nation’s favorable tropical climate, abundant natural resources, and commitment to sustainable farming make it an attractive destination for high-quality agricultural imports. Vietnam’s fragmented domestic food processing industry also opens doors for B.C. companies to introduce value-added products, advanced technologies, and services. For B.C., opportunities exist in exporting packaged and prepared foods, health products, premium meats, seafood, and specialty fruits like frozen blueberries and Ambrosia apples. With its reputation for food safety and quality, B.C. is well-positioned to meet Vietnam’s demand for fresh and processed food, particularly niche products that command high premiums.

Cleantech

Vietnam’s vulnerability to climate change and rapid industrialization have created an urgent need for sustainable energy solutions. The government’s Power Development Plan (PDP8) prioritizes renewable energy expansion, with a focus on wind and solar power, energy storage, and efficiency technologies. This creates opportunities for B.C. firms specializing in hydrogen, micro-hydro systems, fuel cells, and waste-to-energy solutions. Vietnam’s growing waste management needs, including solid waste and wastewater treatment, also align with B.C.’s expertise. While publicly funded projects remain competitive, smaller-scale privately funded initiatives provide a viable entry point for B.C. exporters. Vietnam’s energy transition and sustainability efforts present long-term potential for collaboration and investment.

Forestry

Vietnam has emerged as one of the world’s leading exporters of timber and wood products, driven by its growing construction sector. However, domestic production struggles to meet rising demand, particularly as infrastructure projects resume post-pandemic. This has led to increased reliance on imports, offering significant opportunities for B.C. exporters of lumber and wood products. While competition from established suppliers like China and the U.S. is strong, B.C.’s market development initiatives, in partnership with Canadian federal agencies, are exploring early-stage opportunities in Vietnam. With rising demand for quality construction materials, B.C. can capitalize on its expertise in sustainably sourced forestry products.

ICT

Vietnam’s ICT sector is booming, supported by government initiatives like the National Digital Transformation Program, which aims to integrate advanced technologies across public and private sectors. Opportunities for B.C. include exporting digital infrastructure, IoT solutions, cybersecurity, and data analytics tools, particularly for sectors like banking, energy, and healthcare. The growing adoption of smart city and clean technology applications also aligns with B.C.’s strengths. While Vietnam imports most of its ICT hardware and software, B.C. companies can contribute innovative solutions for enterprise management, financial technology, and retail banking. Despite a longer sales cycle, Vietnam’s expanding ICT market offers substantial long-term potential for B.C. businesses.

Life Sciences

Vietnam is positioning its pharmaceutical sector as a future economic driver through its “National Strategy for Development of the Pharmaceutical Industry to 2030.” This plan aims to enhance research capacity, manufacturing, and accessibility to high-quality medicines. The country’s aging population and rising prevalence of chronic diseases are fueling demand for advanced healthcare products and services. B.C. companies can leverage tariff reductions under the CPTPP to supply medical equipment, devices, and pharmaceuticals to Vietnam’s expanding healthcare sector. Opportunities also exist in health education training and upgrading hospital facilities. With Vietnam’s focus on innovation and healthcare improvements, B.C. life sciences firms are well-placed for growth in this market.

Vietnam Top Industries (2019-2023)

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: Inorganic Chemicals

_{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: Fruits & Nuts

_{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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