EDC signs first partnership in Vietnam with Masan Group to advance trade relations between both nations

Export Development Canada (EDC), Canada’s export credit agency, and Masan Group Corporation, Vietnam’s leading consumer-retail platform, announced the signing of a Memorandum of Understanding (MOU) to advance trade in key sectors of focus including agri-food, consumer goods and mining.

Masan Group has been at the forefront of Vietnam’s impressive economic development over the past three decades, serving 100 million Vietnamese and global consumers by addressing their basic daily needs (fast-moving consumer goods, grocery retail and fresh/processed meat), expanding to cover also financial (credit, investments and payment services) and lifestyle needs (telecommunications, entertainment/leisure and healthcare).

EDC will be opening its first representation in Vietnam in late November, in alignment with Canada’s Indo-Pacific strategy to promote Canadian interests in the region. The MOU aims to foster deeper economic collaboration between Canada and Vietnam, creating new and expanded opportunities for Canadian businesses and investors seeking to enter, grow, and succeed in Vietnam.

As Masan Group executes its “Go Global” strategy, EDC will provide Masan access to its deep international networks to grow beyond Vietnam, while also considering long-term financing support to Masan Group’s businesses, including Masan’s tungsten mining and processing business. Masan will help EDC build knowledge of the market and facilitate introductions to strategic networks and partners to assist Canadian exporters and investors with market entry.  

“Vietnam is one of the fastest-growing economies in the Indo-Pacific region and Canada’s largest trading partner within the ASEAN, providing extensive opportunities for Canadian exporters and investors,” said Todd Winterhalt, Senior Vice-President, International Markets and Head of Communications and Public Affairs. “This partnership with Masan, a market leader in Vietnam, is a first for EDC in the country and will support the advancement of trade between both our nations in key sectors where Canada has strengths, including agri-food, consumer goods and mining.”

Source: Export Development Canada (EDC)