Việt Nam seeks to attract more Canadian investment

Việt Nam seeks to attract more Canadian investment

Việt Nam is seeking to strengthen financial cooperation with Canada and attract more long-term capital to support its economic growth and sustainable development, said Minister of Finance Ngô Văn Tuấn.

Tuấn invited his Canadian counterpart to attend the APEC Finance Ministers' Meeting in Việt Nam next year and expressed his hope that the two sides would strengthen exchanges and coordination to translate bilateral financial and economic cooperation priorities into concrete outcomes. — VNA/VNS Photo

As part of General Secretary of the Communist Party of Việt Nam Central Committee and President Tô Lâm's State visit to Canada, Tuấn held a courtesy meeting with Canadian Minister of Finance and National Revenue François-Philippe Champagne and worked with leaders of FinDev Canada, Canada's development finance institution.

At the meeting with Champagne, the two ministers discussed orientations for financial and development cooperation in the coming period, particularly measures to implement the action plan realising the Joint Statement on elevating Việt Nam-Canada relations to a Strategic Partnership.

Tuấn invited his Canadian counterpart to attend the APEC Finance Ministers' Meeting in Việt Nam next year and expressed his hope that the two sides would strengthen exchanges and coordination to translate bilateral financial and economic cooperation priorities into concrete outcomes.

At FinDev Canada, the Vietnamese minister discussed with Vice President and Chief Strategy Officer Nick Anstett opportunities to support Việt Nam's development goals through private-sector investment, focusing on climate finance, sustainable infrastructure, energy transition and climate-resilient agriculture. Tuấn said the meeting is productive, opening up concrete opportunities to help Vietnamese businesses access international capital sources.

He said FinDev Canada could provide direct financing for projects, through financial intermediaries such as banks, or invest in businesses through equity or share purchases. Such forms of financing match Việt Nam's needs in infrastructure development, climate change response and sustainable agriculture, he added.

The two sides also agreed on specific steps to move cooperation forward. FinDev Canada will provide Việt Nam with its requirements and criteria for projects seeking loans, technical assistance or equity investment. Vietnamese authorities will then identify projects that meet FinDev Canada's conditions and standards.

Tuấn said Việt Nam was entering a new development phase, with goals of maintaining high growth, promoting green growth and energy transition, and developing the private sector in a sustainable manner.

To achieve these goals, the country has a strong demand for long-term capital at reasonable costs, particularly for transport infrastructure, seaports, logistics, energy and climate-resilient agriculture, he said.

He called on FinDev Canada to expand its investment activities in Việt Nam and strengthen connections with local banks, businesses and financial institutions to identify suitable projects.

For his part, Anstett said Việt Nam is a market with significant potential, particularly in climate finance. FinDev Canada made two investments in Việt Nam through VPBank and HDBank last year, each worth US$75 million, to support green finance, agriculture and the private sector.

Việt Nam remains one of the markets of interest to FinDev Canada under its five-year strategy, he said, adding the institution hopes to expand investment in areas such as power-grid modernisation, energy storage, sustainable infrastructure and agriculture, while encouraging Canadian businesses, investment funds and pension funds to participate in projects in Việt Nam. 

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