Canada to invest more in Vietnam over next decade: ambassador

By Tri Duc
Wed, November 9, 2022 | 3:57 pm GMT+7

Canada's investment in Vietnam is currently modest but it would rise in the next five to ten years as long as the investment environment is stable, consistent, and transparent, said Canadian Ambassador to Vietnam Shawn Perry Steil.

"Experiences suggest investment chases exports. So once the export market is growing and the trade is growing, investors will start looking for where they can invest," the ambassador said at the fifth anniversary of Vietnam-Canada comprehensive partnership Tuesday, adding that investment ties are below potential but that he is "not worried about the growth rate yet."

Steil emphasized Canadian investors, for the most part, are taking advantage of low cost but high quality manufacturing in Vietnam. Additionally, they are increasingly looking at not only export markets but actually manufacturing for the Vietnamese market.

"So once we see that shift happening, investors outlook is changing, more opportunities in the Vietnamese market and more investment will come," he said.

Canadian Ambassador to Vietnam Shawn Perry Steil speaks at the fifth anniversary of Vietnam-Canada comprehensive partnership in Hanoi on November 8, 2022. Photo courtesy of The Word & Vietnam newspaper.

Canadian Ambassador to Vietnam Shawn Perry Steil speaks at the fifth anniversary of Vietnam-Canada comprehensive partnership in Hanoi on November 8, 2022. Photo courtesy of The Word & Vietnam newspaper.

The ambassador also stressed that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in which both Vietnam and Canada are members, provides a road map for Vietnam to enhance its investment environment.

As the pact includes some provisions that Vietnam can meet later, Canada is looking at ways to further support Vietnam to meet those standards in the agreement, he noted.

The highlight of the CPTPP, also the focus of the European and North American market and investors, are environmental sustainability and labor standards. Part of the agreement is standards on environment and labor, with Vietnam still working toward meeting those standards, according to the ambassador.

"There’s an enormous opportunity for Vietnam in an era where supply chains are becoming fragile and unreliable. Vietnam can become a reliable partner to ensure that critical supply chains are maintained clean and safe," he said.

Ambassador Shawn Perry Steil and Nguyen Anh Tuan, Vice Chairman of Vietnam's Association of Foreign Invested Enterprises (VAFIE) at the event. Photo by The Investor/Duc Tri.

Ambassador Shawn Perry Steil and Nguyen Anh Tuan, Vice Chairman of Vietnam's Association of Foreign Invested Enterprises (VAFIE) at the event. Photo by The Investor/Duc Tri.

The ambassador said energy transition is another key cooperation point. Canada has massive experiences to offer Vietnam in transitioning away from coal, including alternative energy production, and retraining and supporting industries with coal dependence.

"As a member of the G7, Canada is optimistic that the Vietnam-Canada partnership with energy transition cooperation will open new doors for more Canadian, G7 and international assistance and financing to help the progress in Vietnam," he added.

Canada was the 14th biggest investor in Vietnam as of October 20 this year, with 242 projects and registered capital of $4.82 billion, Vietnam's Ministry of Planning and Investment data shows.

Vietnam earned $3.8 billion from exporting to Canada in the first seven months of this year, up 32.1% year-on-year, and spent $397.8 million on importing from Canada in the period, down 13.4%, according to Vietnam Customs.

Comments (0)
  • Read More
Northern Vietnam urban-tourism project Cat Ba Amatina has new investor

Northern Vietnam urban-tourism project Cat Ba Amatina has new investor

Hanoi Anpha Real Estate Exchange Co., Ltd. (Hanoi Anpha) has become a major shareholder of Vinaconex ITC, the developer of the Cat Ba Amatina urban-tourism project in Hai Phong city, northern Vietnam.

Real Estate - Wed, July 9, 2025 | 2:57 pm GMT+7

Brazil’s leading food group JBS eyes turning Vietnam into global production hub

Brazil’s leading food group JBS eyes turning Vietnam into global production hub

JBS, the world’s leading food processing company, is looking to transform Vietnam into a global and regional distribution and production center.

Industries - Wed, July 9, 2025 | 9:51 am GMT+7

Brazilian-backed payment solutions firm Alterosa MK plans expansion in Vietnam

Brazilian-backed payment solutions firm Alterosa MK plans expansion in Vietnam

Alterosa MK, a joint venture between Brazil’s Alterosa Group and MK Group of Vietnam, said it expects to receive more support from the two governments for investment expansion.

Finance - Wed, July 9, 2025 | 9:00 am GMT+7

USD price may reach VND26,400 in Q3, VND26,200 in Q4: UOB

USD price may reach VND26,400 in Q3, VND26,200 in Q4: UOB

Singaporean bank UOB's updated USD/VND projections are 26,400 in Q3/2025, 26,200 in Q4/2025, 26,000 in Q1/2026, and 25,800 in Q2/2026.

Economy - Wed, July 9, 2025 | 8:41 am GMT+7

Vietnam's stock market moving toward sustainability, professionalism: exec

Vietnam's stock market moving toward sustainability, professionalism: exec

The quality of investors in Vietnam has significantly improved as more and more investors start to adopt asset management strategies and disciplined investing, instead of merely engaging in short-term trading, said Nguyen Hoang Yen, chairwoman of Mirae Asset Securities.

Finance - Tue, July 8, 2025 | 11:40 pm GMT+7

Vietnam's credit growth hits record high since 2023

Vietnam's credit growth hits record high since 2023

Vietnam’s total credit outstanding surpassed VND17.2 quadrillion (about $658.31 billion) in the first half of 2025, marking a 9.9% increase from the end of 2024 and a 19.3% rise year-on-year, the highest growth rate since 2023.

Banking - Tue, July 8, 2025 | 11:26 pm GMT+7

Foreign investors net buy for fifth consecutive session

Foreign investors net buy for fifth consecutive session

Foreign investors' transactions on the Ho Chi Minh Stock Exchange (HoSE) continued to be a highlight as they net bought for the fifth consecutive session on Tuesday, to the tune of over VND7,679 billion ($293.88 million).

Finance - Tue, July 8, 2025 | 6:08 pm GMT+7

Northern Vietnam province opens bid for $2 bln tourism-casino complex project

Northern Vietnam province opens bid for $2 bln tourism-casino complex project

Quang Ninh, a coastal province in northern Vietnam, is seeking investors for a large-scale tourism and casino complex valued at VND51.5 trillion ($2 billion) in its strategic Van Don Economic Zone.

Real Estate - Tue, July 8, 2025 | 4:37 pm GMT+7

The Investor to hold seminar on raising investor awareness towards stock market status upgrade

The Investor to hold seminar on raising investor awareness towards stock market status upgrade

The Investor and its Vietnamese-language sister Nhadautu.vn will host a seminar titled “Raising investor awareness towards stock market status upgrade” in Hanoi on July 17.

Finance - Tue, July 8, 2025 | 4:02 pm GMT+7

Many uncertainties over exchange rates: Vietnam's central bank

Many uncertainties over exchange rates: Vietnam's central bank

There are many "unknowns" with monetary policy and exchange rates in the coming time, said Pham Chi Quang, director of the State Bank of Vietnam's (SBV) monetary policy department.

Banking - Tue, July 8, 2025 | 3:53 pm GMT+7

World's largest iron ore, nickel producer wants to expand business in Vietnam

World's largest iron ore, nickel producer wants to expand business in Vietnam

Prime Minister Pham Minh Chinh has asked Vale Group, a multinational Brazilian corporation in the fields of metals, mining, and logistics, expand business in Vietnam.

Industries - Tue, July 8, 2025 | 1:52 pm GMT+7

Vietjet appoints new managing director

Vietjet appoints new managing director

Vietjet Aviation Joint Stock Company (HOSE: VJC) has appointed Nguyen Thanh Son as its new managing director, succeeding Dinh Viet Phuong.

Companies - Tue, July 8, 2025 | 8:10 am GMT+7

First turbine rotor installed at expanded Hoa Binh hydropower plant in northern Vietnam

First turbine rotor installed at expanded Hoa Binh hydropower plant in northern Vietnam

The rotor of the first turbine at the expanded Hoa Binh Hydropower Plant project was successfully installed on Sunday in Phu Tho province, formerly Hoa Binh province, northern Vietnam.

Companies - Tue, July 8, 2025 | 8:07 am GMT+7

Singapore heavily penalizes nine financial institutions for money laundering

Singapore heavily penalizes nine financial institutions for money laundering

The Monetary Authority of Singapore (MAS) has fined nine financial institutions SGD27.45 million ($21.55 million) for breaches related to the 2023 money laundering case involving more than SGD3 billion in assets.

Southeast Asia - Tue, July 8, 2025 | 7:58 am GMT+7

Foreign cash flows push VN-Index past 3-year peak

Foreign cash flows push VN-Index past 3-year peak

With positive sentiment from both domestic and foreign investors, VN-Index on Monday surpassed the 1,400 mark after more than three years. The last time the benchmark index reached this level was on April 19, 2022.

Finance - Tue, July 8, 2025 | 7:28 am GMT+7

Japan's Granja Fujikura eyes developing large-scale, high-tech agriculture in Vietnam

Japan's Granja Fujikura eyes developing large-scale, high-tech agriculture in Vietnam

Granja Fujikura Group wishes to receive favorable conditions in Vietnam to develop large-scale, high-tech agriculture.

Economy - Mon, July 7, 2025 | 11:22 pm GMT+7