Canadian firms show interest in Vietnamese market

Tuesday, 11/06/2024 17:30
The Vietnam Trade Office in Canada has coordinated with agencies of the host country to hold a business dialogue in Toronto, drawing the attention of Canadian businesses that have invested in Vietnam and those planning to seek opportunities in this dynamic Asian market, reported Vietnam News Agency.
A delegation of the Canadian Embassy in Vietnam visits tea hills in Lai Chau province. (Photo: VNA)

Trade Counsellor at the Vietnamese Embassy in Canada Tran Thu Quynh noted that experts and speakers at the event highly valued trade and investment opportunities in Vietnam.

Those having operated or planning projects in Vietnam all consider it as a good market with a plenty of opportunities and a safe place to invest and do business in, said Quynh.

Experts in the field of supporting Canadian businesses to invest abroad and enterprises shared the view that the Vietnamese market has not only multiple opportunities, but also effective support from all-level administrations. The country also boasts political stability and fewer financial risks or market frauds compared to others.

Christine Nakamura, Vice-President of the Asia Pacific Foundation of Canada, stated that Vietnam, one of the fastest growing economies in the Association of Southeast Asian Nations (ASEAN), is paying attention to foreign investment attraction, so it is taking various measures to create more conditions for foreign companies and investors to pour capital into the country.

Many Canadians are also interested in the Vietnamese market, she said, adding that whether it is trade or investment, opportunities are truly open for both sides.

In addition to Vietnam's strong changes over the past years, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Indo-Pacific Strategy have helped draw more attention from Canadian investors to the Southeast Asian nation, she said.

Saina Fan, Ontario Regional Director at Export Development Canada (EDC), said Vietnam is one of the markets that EDC cannot miss. As a specialised export development agency, it has all necessary tools to assist Canadian firms to export to Vietnam, one of the important strategic markets and also the largest export market of EDC in ASEAN.

In the first five months of this year, Canada's exports to Vietnam increased by 27%. The North American country also had 10 new investment projects and 13 mergers in this market, with each project worth about 2 million USD, statistics showed.

Small but quality FDI projects invested in southeastern localities

A workshop of a FDI company in Giang Dien industrial park in Dong Nai province. (Photo: VNA)

New foreign direct investment (FDI) projects in southeastern localities in the first five months of 2024 are not large but friendly to the environment and apply high technologies, reported Vietnam News Agency. 

Specifically, new projects in Ba Ria-Vung Tau province operate in the sectors of biology, electronics and high technology. Meanwhile, projects in Ho Chi Minh City and the nearby provinces of Binh Duong and Dong Nai, despite of their small or medium sizes, use advanced and environmentally friendly technologies while being less labour intensive and having high productivity.

Nguyen Tri Phuong, Head of the Dong Nai Industrial Zones Authority, said that the newly-licensed projects in his province are mainly in the semiconductor, electrical component, electronics, and mechanical engineering industries. There are no polluting or labour intensive projects, he noted.

Outstanding examples include the Silicon Carbide Vietnam Co. Ltd. and the Advanced Optics projects of the US-based Coherent Group with a total investment of 83 million USD.

In the first five months of this year, Ba Ria-Vung Tau lead the country in FDI attraction with over 1.5 billion USD, exceeding the number of the whole 2023 – 1.4 billion USD, according to the provincial Department of Planning and Investment.

Another bright spot is Dong Nai, which attracted 834 million USD to local industrial parks during the period, 19% higher than this year's target, Phuong said.

FDI projects are poured into Dong Nai and Ba Ria-Vung Tau thanks to their great infrastructure advantages. Dong Nai is home to Long Thanh International Airport, which is expected to become operational in 2026. Meanwhile, Ba Ria-Vung Tau boasts a deep-water port system that can handle big cargo vessels destined for around the world.

Vietnam Airlines operates new passenger service system

At the partnership launch ceremony (Photo:

National flag carrier Vietnam Airlines has successfully deployed an Altéa Passenger Services System (PSS) of the Amadeus IT Group along with a series of advanced technological solutions, marking a significant step forward in its digital transformation strategy, reported Vietnam News Agency. 

Amadeus's PSS provides Vietnam Airlines with comprehensive solutions for managing seat supply, booking, ticketing, departure control, and digital technology to enhance customers' experiences. It equips the airlines with advanced technologies in the aviation and tourism sectors, thus improving operational efficiency.

Notably, the system also provides modern and efficient booking services, facilitating frontline staff to assist passengers in purchasing, changing, and using services from the airline.

Besides, Vietnam Airlines is transitioning to the Xchange Payment Platform (XPP) from Outpayce, the payment service provider of Amadeus. This platform enables the airline to easily accept various types of payment cards and other payment methods from passengers. With XPP, the airline can accept global payments by connecting with numerous service partners worldwide.

Deputy General Director of Vietnam Airlines Dang Anh Tuan said the collaboration allows the airline to utilise advanced solutions to provide personalised and convenient experiences for passengers across all channels, and touchpoints. These moves will bring excellent service quality to passengers and increasing operational efficiency, customer service, and competitiveness.

The new passenger service system is also a significant step for Vietnam Airlines in its journey to become a digital carrier, he added.

Javier Laforgue Executive Vice President, Travel Unit & Managing Director of Amadeus in Asia Pacific, said he believes that the technology will help airlines and travel businesses develop their business operations most efficiently.

The Spain-based Amadeus IT Group is a multinational technology conglomerate providing solutions and services for the travel and tourism industry. It specialises in developing systems and platforms that facilitate connections within the global tourism ecosystem, including airlines, hotels, travel agencies, and government organisations.

Thanh Hoa plans to promote tours connecting with Lao province

Representatives from tourism businesses join a field trip to survey and develop tours connecting Thanh Hoa and Houaphanh provinces. (Photo:

The north central province of Thanh Hoa plans to develop and exploit tours that connect it with Houaphanh province of Laos, reported Vietnam News Agency.

According to Thanh Hoa's Department of Culture, Sports and Tourism, it will focus on developing tourism products that feature local culture, history, the local community’s values and nature.

The department will coordinate with units to organise a field trip for business and media representatives to survey and develop tours connecting Thanh Hoa and Houaphanh provinces.

Previously, in 2019, Thanh Hoa province announced Quan Son-Vieng Xay tour that promotes popular destinations in the two provinces. However, due to the COVID-19 pandemic, the tourism connection was disrupted.

Sharing the borderline with Thanh Hoa province, Houaphanh province has 157 tourist areas, including 64 landscapes, 64 historical tourism areas and 29 cultural tourism areas. Among them, the province's important tourism highlight is Vieng Xay district with nearly 500 spectacular caves.

The caves were chosen as a revolutionary base during the wartime for Lao leaders between 1964 and 1972. The natural caves run deep into the mountains, creating tunnels leading to ‘meeting rooms’ and ‘dining rooms’, where Lao President Khamtay Siphandone and other revolutionary leaders once lived and worked.

The caves were turned into a tourist destination for both domestic and foreign visitors in Laos.

Singaporean newspaper: Vietnam’s economy poised for gradual recovery

Harvesting coffee in Buon Ma Thuot city, Dak Lak province (Photo: VNA)

Singapore’s recently published an article on the recovery of the Vietnamese economy, citing the latest World Bank Taking Stock bi-annual economic update with growth forecast to reach 5.5% in 2024 that will gradually rise to 6% by 2025, reported Vietnam News Agency.

The article said after experiencing a slowdown in 2023, the economy is showing mixed signs of recovery in early 2024. While exports are recovering, consumption and private domestic investment are growing more gradually. Real exports are expected to grow by 3.5% in 2024, reflecting gradual improvement in global demand.

In addition, a turnaround in the real estate sector is anticipated later this year and next, bolstering domestic demand as investors and consumers regain confidence. Real total investment and private consumption are projected to increase by 5.5% and 5% in 2024, respectively.

It quoted the WB East Asia and Pacific Practice Manager for Macroeconomics, Trade and Investment Sebastian Eckardt as saying that investing in public infrastructure projects goes beyond immediate economic stimulus. Efforts to enhance public investment management will also address critical infrastructure gaps in energy, transportation, and logistics, which are fundamental for Vietnam’s long-term economic growth.

According to the article, the WB recommended expediting infrastructure investment projects financed by public resources. This would help further stimulate the economy, with an additional potential 0.1 percentage point of GDP growth for every 1 percentage point increase in public investment as a share of GDP.

The report’s special section offers recommendations for supporting innovative startups to contribute to Vietnam’s productivity growth, it said./.