Altitude Accelerator partnered with the Canadian Chamber of Commerce (“CanCham”) Vietnam to give both its members, and the members of CanCham, access to resources in an international market. The partnership was made official in October 2020.
Both Altitude Accelerator and CanCham have interests in the field of emerging technology, entrepreneurship and innovation and this partnership will help strengthen the innovative capacities of local entrepreneurs and support international business collaboration in both the Vietnamese and Canadian marketplaces.
The joint ecosystem between Altitude Accelerator and CanCham consists of 600+ engaged start-ups in Ontario and 300 Canadian/Vietnamese corporates interested in doing business in these two markets, posing a huge opportunity for success for both member groups.
“Entrepreneurialism is an intrinsic and celebrated part of the Vietnamese national identity – and it shows in a rate of development within the Vietnamese startup ecosystem that is nothing short of incredible over the last five years. However, that kind of development is not without growing pains, with education and resource infrastructure still lagging behind demand in many cases. The opportunities, however, are certainly not lacking, especially with new trade opportunities for Canada and Vietnam through the CPTPP,” says Ryan Leonard, Business Development Director The Canadian Chamber of Commerce Vietnam.
CanCham strives to bring Canada and Vietnam closer together and partnership with Altitude Accelerator aims to do so in an area of exciting collaborative potential. Shared national appreciation and high regard for education and innovation align Canada and Vietnam very well in the entrepreneurial space and lays a strong foundation for bilateral cooperation and growth. There is much both sides can learn from one another, exciting partnerships to be undertaken, and new opportunities to discover – and the Chamber looks forward to working together with our partners and members to bring these to fruition.”
What This Means for Altitude Accelerator Members
Right now, Vietnamese companies are looking to expand, launch or invest in Brampton, Mississauga and Caledon. Vietnam is in the top 12 of the fastest growing markets globally and their population is two and a half times that of Canada with most of them being young, energetic and entrepreneurial-minded. This CanCham partnership helps Altitude Accelerator clients tap into this fast growing market.
In addition to the above, the Vietnam start-up ecosystem is compelling. Entrepreneurship has slowly emerged as a key driver for economic prosperity and growth. Nearly forty thousand start-ups entered the Vietnamese market in just the first four months of 2017, an increase of 14 percent from the first quarter of 2016.
The Canadian market needs diversification – this partnership helps leverage the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) free trade opportunities and also provides a similar gateway for Altitude Accelerator clients who are looking to grow, partner or secure financing within South East Asia.
The Government of Vietnam is proactive in encouraging innovation via their “Industry 4.0” national initiative. There is a lot of federal government interest behind this initiative, specifically:
- Government promotion geared towards increasing Vietnam’s GDP growth to 7% p.a.
- Having 65% of firms classified as micro
- And having an objective for 50% of firms to be operating digitally by 2025
“The Altitude Accelerator is pleased with this new found opportunity to work with entrepreneurs exploring foreign markets – beit Vietnamese start-ups wishing to explore launching and/or growing their business in the Brampton area, and vice versa Brampton start-ups looking into the S.E. Asian market beginning with Vietnam. Having spent some time in Vietnam, this market is huge as 95% of all businesses in Vietnam are classified as SME’s,” explained Ray Kingdon, member of Altitude Accelerator’s Board of Directors.
“I’ve worked with a number of entrepreneurs while overseas as well as college/university students wishing to launch businesses. These businesses are led by young, personable, highly intelligent individuals who possess a tremendous work ethic; the very people we want to attract to Brampton”.
What This Means for CanCham Members
Altitude Accelerator in Brampton is well positioned to provide a Canadian launch pad as advisory services for Vietnamese companies looking to conceptualize, launch and grow their business here. Similarly the start-up ecosystem in Canada is growing and provides a lot of opportunities for international businesses to leverage the resources here.
Altitude Accelerator is excited to work with CanCham in achieving their strategic objectives:
- Create collaborative ecosystems to bring together communities which will foster new connections and share leading industry insights
- Direct organization-to-organization partnerships centred upon specific projects (ie. working with Canadian and Vietnamese industry organizations to build import-export pipelines)
- Coaching and mentoring SME’s and start-ups to launch, grow and scale their respective businesses
Both Altitude Accelerator and the Canadian Chamber of Commerce Ho Chi Minh are thrilled to announce this partnership and provide ongoing support and mentorship for our members.
