Three Emerging Markets to Watch

Doing business with Vietnam, Thailand and the UAE.

According to Export Development Canada’s (EDC) “Country Risk Quarterly,” Vietnam, Thailand and the United Arab Emirates are three emerging markets with significant opportunities for Canadian exporters.

Vietnam has been Canada’s largest trading partner in the Association of Southeast Asian Nations (ASEAN) group since 2015. According to John Bitzan, a country risk analyst for EDC, “Vietnam’s manufacturing sector has hit a real sweet spot.” He suggests many companies are actively thinking of shifting production to Vietnam.

Thailand is another emerging market within Southeast Asia that EDC suggests is worth re-examining. According to EDC’s chief representative in Southeast Asia, Klaus Houben, “Thailand presents the full range of export and trade opportunities for Canadian businesses across multiple sectors.”

The United Arab Emirates (UAE) is Canada’s largest export market in the Middle East and North Africa with exports totalling $1.3 billion in 2018. EDC’s chief representative in charge of the Middle East and Africa, Jean-Bernard Ruggieri, says “The UAE is not a typical Middle Eastern economy. It’s got more opportunities than people image including many hidden gems for Canadian exporters.” He says these hidden gems include health-care and education sectors.

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