Exploring New Opportunities in Vietnam

Exploring New Opportunities in Vietnam

September 29, 2015 Posted by Regan Macdonald

Minister Teresa Wat welcomes a delegation of high-ranking government officials representing the Association of Southeast Asian Nations (ASEAN) in June 2014.

Diversifying export markets and expanding B.C.’s trade network into new frontiers will be the focus of the upcoming trade mission to China from Oct. 30 – Nov. 7, led by Premier Christy Clark. Joining her will be International Trade Minister Teresa Wat, who will travel to Vietnam Nov. 8 – 11 to drive increased awareness of B.C. products and service in Southeast Asia. 
 
As a member of the Association of Southeast Asian Nations (ASEAN), Vietnam is a large market of 90 million people that has a lot of trade potential. For example, B.C. exports to Vietnam have risen significantly in the past few years, from $49 million in 2010 to $104 million in 2014. This year’s exports are on track to rise a further 10%, with seafood products experiencing particularly high levels of growth.
 
B.C.’s mining and agrifoods sectors provided the top goods exports to Vietnam in 2014, which included diamonds, oil cake and seafood.
 
With over 600 million people and a rapidly growing middle class, the ASEAN region represents a key growth market for British Columbia. Together, ASEAN markets rank fifth among destinations for B.C. goods exports and a number of major investments in B.C. have originated from ASEAN-based companies. B.C. is already benefiting from significant investment from this region by companies such as Paper Excellence.
 
According to McKinsey & Company, if ASEAN were a single country, it would already be the world’s seventh-largest economy, with a combined GDP of $2.4 trillion in 2013, and projected to rank as the fourth-largest economy by 2050.
 
Trade missions are a critical part of British Columbia’s strategy to diversify its international trading partners and secure new investment, propelling economic activity and job creation throughout the province.
 
If you are looking to expand your business internationally, the B.C. Ministry of International Trade can help you connect with international trade experts, local contacts, and potential clients through these networks and services. To learn more about our services, click here. Contact our export development specialists today. 
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