Canada invests $7.6 million in Vietnamese agriculture

Ottawa, Ont. – The federal government is investing more than $7.6 million toward a new development program through the International Finance Corporation designed to help improve agricultural practices and financing for farmers in Vietnam.

The announcement came during a trade mission to Vietnam by Agriculture and Agri-Food Minister Gerry Ritz.

The new project will provide local farmers with technical help and training related to banks and agribusiness, enabling them to more easily access financing, improve agricultural practices, and help maintain the value of harvested crops during handling and storage.

The five-year investment will target farmers growing export-oriented commodities such as cashews, coffee, nuts and seeds, all of which were top agri-food exports to Canada in 2012.

“This project will deepen Canada’s already strong diplomatic and trade relationship with Vietnam, and demonstrates the close partnership that has been cultivated between both countries over the past 40 years,” said Ritz. “Our government is proud to assist Vietnam’s continued economic growth in order to strengthen two-way trade between our two countries.”

Canada exported $146 million worth of seafood, soybeans, non-durum wheat and canola meal to Vietnam in 2012.