Canadian companies shift to Vietnamese market

Canadian companies shift to Vietnamese market

A delegation from Dalhousie University led by Professor Binod Sundararajan had a meeting with the Vietnam Trade Office in Canada to help students who represent start-up businesses in Nova Scotia, Canada's East Coast, to learn about trade opportunities in Việt Nam.

The delegation from Dalhousie University learn about trade opportunities in Việt Nam.  —VNA/VNS Photo Thanh Hải

The event, jointly held by Export Development Canada (EDC), Dalhousie University and the Việt Nam Trade Office in Canada, was among activities to realise Canada’s determination in diversifying markets and supplies.

Vietnamese Trade Counselor in Canada Trần Thu Quỳnh said that 14 business representatives who are students of Dalhousie University have come to the Trade Office, asking for support in connecting. Those are not only young businesses in the field of regular exports but also exports of services, especially technology services. Both Việt Nam and Canada have demand and great potential for cooperation in these areas, Quỳnh said.

At the event, the students were informed about how to take advantage of the free trade agreements that Việt Nam and Canada have signed to optimise supply chains, production and export channels. In addition, they also heard about Việt Nam’s potential as an Asian logistics hub.

Professor Binod Sundararajan emphasised that the main reason for the delegation to choose Việt Nam is that the country is one of the fastest growing markets in Southeast Asia. Việt Nam has a high level of readiness for international import and export, which is one of the most important factors for any emerging market.

In addition, Việt Nam is also an open market for business, so it can create many prospects for success for enterprises.

Meanwhile, Katie Haigh, who is in charge of international programmes at Dalhousie University, said that because the two countries are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), this is an opportunity for Canada to start looking for partners outside the US. The Vietnamese market has a growing population and a constantly expanding middle class, all of which are very suitable for Canadian products.

As the students are planning to visit Việt Nam, representing three large Canadian companies - Tangier Lobster, Victoria Fisheries and SimplyCast – they and the startup Celebrate Your Curves will seek to connect with partners in Việt Nam through introductions from EDC which is Canada’s export credit agency, offering trade finance, export credit insurance, bonding services, and foreign market expertise.

Dalhousie University and EDC have implemented cooperation programmes for years in a number of emerging markets such as Brazil, India, China, Chile, Peru and Argentina. With EDC’s recent opening of an office in Việt Nam, the programme is gradually reaching out to Southeast Asian countries and clearly demonstrates the interest of the Canadian intellectual community and businesses in strengthening cooperation in education and business in particular as well as trade and investment in general with Việt Nam. 

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