“The most special thing about Vietnam is the abundance of opportunities for collaboration in priority areas such as energy transition, green economy, education, and agriculture between Australian and Vietnamese businesses.” Ms. Louise Adams – Aurecon’s Chief Operating Officer and Australia’s Business Champion for Vietnam – spoke at the press conference in HCMC.
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Ms. Louise Adams in the conferenceThese are also the key areas that Australian investors are seeking in the Vietnamese market under the Australian government’s Southeast Asia Economic Strategy to 2040. During her visit to Vietnam, Ms. Adams observed that some Vietnamese businesses are looking for energy and digital transition solutions, and Australian businesses and investors are ready for this opportunity.
In the discussion about the Southeast Asia Economic Strategy to 2040, Ms. Adams said that an Investment Deal Team was established in HCMC to assist businesses in Southeast Asia as well as Australia in seeking opportunities to develop innovative solutions beyond their home countries. The differences in the business environment of another country will pose certain challenges, and the Investment Deal Team in HCMC will help Australian and Vietnamese businesses better understand each other’s markets. This is one of Australia’s policies aimed at strengthening bilateral trade and investment relations with Southeast Asian countries, including Vietnam.
The program actively seeks to gather funds from various sources. One example is its initiative to facilitate the National Australia Bank (NAB) in establishing a new office in HCMC to support Australian clients. NAB will continue to attract top technology talent within the bank’s global network.
To strengthen and expand cooperation between the two countries, Austrade has launched the Landing Pad program for technology companies in Vietnam to promote impact investment and highlight opportunities for Australian investors. The Investment Deal Team in HCMC and the Landing Pad will also assist businesses from both countries in understanding registration procedures and trade laws in the host country, enabling them to quickly adapt to the new business environment as well as helping them grow their network.
With an average annual growth rate of 6.7%, Vietnam aims to become a high-income country by 2045, focusing on enhancing the global value chain. This involves transitioning from a fossil-fuel-based, export-oriented manufacturing economy to an advanced technology-driven economy with skilled labor, services, and renewable energy, alongside a commitment to net-zero emissions by 2050. These goals present significant opportunities for Australian businesses in this market.
According to the Foreign Investment Agency under the Ministry of Planning and Investment, Australian businesses have invested in 631 projects in Vietnam, with total registered capital of $2.04 billion. The leading sector is processing and manufacturing, followed by hospitality and food services, and third is agriculture, forestry, and fisheries. Meanwhile, as of 2023, Vietnam has invested in 93 projects in Australia with a total registered capital of $586.4 million, according to the Ministry of Planning and Investment.
According to the Australian Consulate-General Ho Chi Minh City office, this year marks the first anniversary of Australia’s Southeast Asia Economic Strategy to 2040, the country’s comprehensive policy to significantly increase two-way trade and investment with Southeast Asian countries, including Vietnam.
The strategy includes practical measures to increase Australian investment into the region and Vietnam, such as the deployment of Investment Deal Teams across the region, including one in HCMC to identify opportunities for Australian investors, and the establishment of an Investment Financing Facility to catalyse more private sector investment between Australia and the region.
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Source: Vietnam Insider