On May 30, 2024, Christine Nakamura, Vice-President, Central Canada Office, at the Asia Pacific Foundation of Canada (APF Canada), had the opportunity to participate in the Canada-Vietnam Business Dialogue: Crafting and Achieving Opportunities Together.
This event, organized by the Canada-Vietnam Trade Council, in collaboration with the Canadian Trade Commissioner Service, Export Development Canada, APF Canada, and the Vietnam Trade Office in Canada, offered a chance for attendees to learn about business opportunities for Canadian and Vietnamese companies.
Christine shared her impressions on the trade opportunities that the vibrant Vietnamese market represents for Canadian companies. Having recently participated in the Team Canada Trade Mission to Vietnam and Malaysia, Christine was able to highlight the strength of bilateral trade between Canada and Vietnam, which is Canada’s largest trading partner in the ASEAN region. To boost bilateral trade opportunities, Christine announced that the deadline for applications to participate in APF Canada’s Canadian Women-only Business Mission to Vietnam and Taiwan in November has been extended to July 19, 2024.
Vietnam’s strong domestic consumption base and thriving export-oriented manufacturing sector offer significant opportunities for Canadian companies. The C$571-billion economy, home to 100 million people, has become integral to important global supply chains due to its skilled workforce and strategic geopolitical position.
In 2023, bilateral trade between Canada and Vietnam amounted to C$14.1 billion. Vietnam’s key exports to Canada included electronics and apparel, while Canada primarily exported agricultural and agri-food products to Vietnam. Furthermore, bilateral investment between Canada and Vietnam amounted to C$1.8 billion in 2022. As a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam already has a free trade agreement (FTA) with Canada. Anticipated growth in Canada’s merchandise and services trade with Vietnam is expected upon completion of ASEAN-Canada FTA negotiations, encompassing Vietnam.
Following her remarks, Christine contributed to the panel, “Update on Business Opportunities, Support and Success Stories.” Panellists provided insights into doing business in Vietnam and how to grow in the Vietnamese market. Key takeaways include the economic stability in Vietnam as an incentive to enter the market, how Canadians should leverage the CPTPP, and how Vietnam is continually looking towards clean technology due to its national interest in sustainable growth and the green economy transition.
For more CanWIN events, please visit our events page.
