British Columbia and Vietnam

Opportunity for Foreign Investors and B.C. Exporters

Aerospace

According to the International Air Transport Association, Vietnam is the world’s fifth largest growing aviation market. Vietnam’s airports are exceeding capacity in terms of passengers and cargo and the Government is investing in infrastructure advancements. The country’s extensive infrastructure development, rapid growth of aircraft fleet and high rate of outsourced MRO services has generated many opportunities for B.C. companies.

Agrifood & Agritech

Canada’s agricultural practices are regarded for quality and safety. B.C. can leverage this reputation and navigate opportunities for modern food production techniques with high quality inputs. Consumers in Vietnam are increasingly willing to pay for quality, convenient and healthy food products. Vietnam’s consumption has risen, and domestic supply will not meet demand. B.C. exporters can capitalize on these opportunities and Vietnamese consumers can benefit from increased product accessibility.

Cleantech

With a mutual interest in developing an energy transition agenda, B.C. and Vietnam have committed to a Net Zero target by 2050. Vietnam’s National Power Development Master Plan VIII places an emphasis on renewable energy development. Vietnam has ideal weather conditions for solar and wind production and there is potential to grow the renewable energy sector. B.C. exporters can support Vietnam with niche renewable energy technologies – particularly in the field of hydrogen and fuel cells.

Forestry

Vietnam’s forestry sector is increasing its focus on certified sustainable sources. Canada contains more third-party certified forests than any other country, creating opportunity for B.C. businesses. A decrease in the supply of traditionally used Southeast Asian hardwoods and reduced barriers to trade wood, paper and pulp particles through the CPTPP has created space for B.C. to further establish its presence in Vietnam’s forestry market.

ICT

Vietnam is rapidly transitioning towards a digital economy and is expected to import the bulk of its hardware, software and services. The fintech sector in Vietnam also has a high growth potential due to a rising middle class, economic growth, large youthful population and low banking penetration rate. This provides trade and investment opportunities for B.C. companies entering the market.

Life Sciences

There is demand for advanced healthcare products and services in Vietnam. The country has the second highest healthcare expenditure as a percentage of GDP in Southeast Asia and this is expected to grow in coming years. There are opportunities for B.C. companies to support Vietnam’s life sciences sector in meeting its demand for medical equipment, digital health and health education training.