Canada Launches Project to Boost Vietnam Business Leadership & Growth

A new initiative aimed at bolstering Vietnamese enterprise leadership, innovation and growth was launched on February 6th in Hanoi. The project, titled “Fostering Growth, Innovation, and Leadership of Enterprises in Vietnam” (AGILE), is a collaborative effort between the Vietnamese Ministry of Finance and Global Affairs Canada, with support from the Canadian Embassy in Vietnam.

Strategic Partnership in Action

The Vietnamese Vice Minister of Finance stated that AGILE demonstrates the enduring, trust-based strategic partnership between Vietnam and Canada. The project is also intended to significantly contribute to the Vietnamese government’s efforts to stimulate the private sector, fostering both innovation and sustainable growth. A key aim is to effectively mobilize private capital to achieve national sustainable and inclusive development goals.

Did You Know? The Vietnamese government’s Resolution No. 68-NQ/TW, dated May 4, 2025, identifies the private sector as a fundamental driver of the national economy.

Private Sector as a Cornerstone

According to the Vietnamese government’s Resolution N°68-NQ/TW, the private sector is a pioneering force in stimulating economic growth, creating jobs, increasing national productivity and competitiveness, and guiding economic restructuring towards a green, circular, and sustainable model.

Canadian Commitment to Green Transition

Canadian Ambassador to Vietnam, Jim Nickel, reaffirmed Canada’s commitment to supporting Vietnam’s green transition through innovative financial solutions. Global Affairs Canada will work closely with the Vietnamese Ministry of Finance, the Canadian University Service Overseas (CUSO), and Sarona within the AGILE project. Canada intends to use public development assistance as a strategic catalyst to mitigate financial risks and mobilize private investment.

Expert Insight: This project highlights a growing trend of international development assistance focusing on capacity building within the private sector, particularly in emerging economies. By strengthening support organizations, the initiative aims to unlock investment and drive sustainable economic development.

Focus on SMEs and Women-Led Businesses

The core of the AGILE project is to strengthen the capacity of business support organizations, enabling them to provide effective services to climate-focused enterprises, especially those led by women, preparing them for investment. This aligns with Canada’s new international assistance policy, which prioritizes shared prosperity through strengthening green supply chains and expanding bilateral trade opportunities.

Sam Landon, CUSO’s Principal Program Director and representing the project’s implementing unit, emphasized the goal of building a network of reproducible knowledge and solutions to strengthen the resilience of Vietnam’s entrepreneurial ecosystem in the face of global challenges.

Addressing Vulnerability and Access to Finance

Vietnam is particularly vulnerable to climate change, and its small and medium-sized enterprises (SMEs) and women-led businesses often face significant obstacles in accessing finance. The AGILE project (2025-2029) is specifically designed to support these businesses for more inclusive development and to better protect vulnerable groups.

Frequently Asked Questions

What is the primary goal of the AGILE project?

The primary goal of the AGILE project is to foster growth, innovation, and leadership of enterprises in Vietnam, with a particular focus on climate-focused businesses and those led by women.

Who are the key partners involved in the AGILE project?

The key partners involved are the Vietnamese Ministry of Finance, Global Affairs Canada, the Canadian University Service Overseas (CUSO), and Sarona.

What is the timeframe for the AGILE project?

The AGILE project is scheduled to run from 2025 to 2029.

As Vietnam continues to develop its private sector, how might initiatives like AGILE shape the country’s economic future and its role in the global market?