Vietnam is a dynamic and burgeoning market that offers opportunities for businesses in many fields, including information technology (IT). Vietnam is also Canada’s largest trade partner in the Association of Southeast Asian Nations (ASEAN), with the expected trade continuing to grow in the coming years. Currently, two key factors are driving this trend.
First, United States’ refusal to join the Trans-Pacific Partnership agreement in 2017 creates an opportunity for Canada to step in and provide Vietnam with its technology and machinery needs.
Second, Canada and Vietnam’s partnership through the CPTPP creates more incentives for both countries, including but not limited to:
- Canada’s higher labour standards with greater predictability and transparency
- Vietnam’s commitment to offer greater incentives on financial services, compared to previous trade agreements
- A strong intellectual property protection and enforcement set through the partnership
- Canadian suppliers’ access to government procurement in Vietnam through open and fair bidding processes
To learn more about the agreement, please click here.