Canadian firms eye Vietnam growth opportunities in infrastructure development

16:34 | 21/11/2018 Economy- Society

(VEN) - The delegation of 10 Canadian companies visited Vietnam to explore opportunities and establish business relationship in the fast-growing infrastructure sector.

canadian firms eye vietnam growth opportunities in infrastructure development

The trade delegation comprises Canadian infrastructure companies with a diverse portfolio (design and planning, security solutions, facilities and commercial consulting). Some of them have set up long-term presence in Vietnam or had local representatives and distributors, in the sub-sectors of design and planning, building materials and security solutions.

The mission attended the “Airport and Infrastructure development in Vietnam” seminar to promote Canadian expertise, advanced goods and services in the airport and infrastructure industries on November 19 in Ho Chi Minh City. The Canadian presenters at the seminar included representatives of Atkins/SNC-Lavalin; B+H; SCOTT; VOTI Detection; Optimas Management Group; Deloitte; Kryton (represented by CLP Vietnam).

Apart from the “Airport and Infrastructure development in Vietnam” seminar, Canadian trade mission had meetings with key public and private stakeholders in these industries, namely Airports Corporation of Vietnam, Management Authority of Urban Railways, Airport Design and Construction Consultancy Company and Becamex IDC.

Vietnam has a fast-growing tourism industry, with a forecast of 21 million tourists in 2020, creating great demand for air transportation. It is projected that the country will have 28 airports in the year 2030. This trend will generate a variety of opportunities for Canadian companies providing world-class services in design and planning, engineering, security solutions and others. Vietnam is Canada’s top trading partner among the ASEAN countries. In 2017, Canada-Vietnam bilateral merchandise trade reached a new record C$6.14 billion. Infrastructure/Construction sector is a growing component of bilateral trade.

The year 2018 is a significant milestone in Canada – Vietnam bilateral relations as it marks the 45th anniversary of the diplomatic relations and the conclusion of Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) agreement. CPTPP will open the door for Canadian professional and services companies to new and emerging markets like Vietnam, with improved protection, predictability and transparency for conducting business. Canada and Vietnam have recently ratified the CPTPP, with immediate effects end of December.

My Phung