FinDev Canada seeks to expand investment in Vietnam

Vietnamese Finance Minister Ngo Van Tuan on Thursday (local time) met his Canadian counterpart François-Philippe Champagne and held a working session with leaders of FinDev Canada in Ottawa during Vietnam’s Party General Secretary and State President To Lam’s state visit to Canada from Wednesday to Thursday.

The two ministers discussed directions for bilateral financial cooperation, including implementing an action plan for the joint declaration upgrading Vietnam-Canada ties to a strategic partnership.

Tuan invited Champagne to visit Vietnam and attend the APEC Finance Ministers’ Meeting in 2027, scheduled to be held in the northern Vietnamese city of Quang Ninh.

In talks with Nick Anstett, vice-president and chief strategy officer at FinDev Canada, Tuan highlighted Vietnam’s goals of green growth, energy transition, and sustainable private sector development.

The Southeast Asian country has a strong demand for affordable, long-term financing, particularly for transport infrastructure, seaports, logistics, energy, and climate-resilient agriculture, he said.

Tuan encouraged FinDev Canada to expand its investment activities and strengthen connections with Vietnamese banks, businesses, and financial institutions to identify suitable projects.

Anstett said Vietnam remains a priority market in FinDev Canada’s five-year strategy, particularly in climate finance.

Last year, FinDev Canada made two investments in Vietnam through VPBank and HDBank, with each investment worth US$75 million, supporting green finance, agriculture, and private-sector businesses.

The agency now aims to expand into modernizing power grids, energy storage, sustainable infrastructure, and agriculture.

It also seeks to involve Canadian businesses, investment funds, and pension funds in Vietnam projects.

Both sides agreed on a framework for collaboration.

FinDev Canada will provide standards and conditions for loans, technical support, or equity investments, while Vietnam will select projects aligned with these criteria.