Vietnamese enterprises promote business cooperation in Australia

Vietnamese enterprises promote business cooperation in Australia

Addressing the dialogue, Vietnamese Ambassador Ngo Huong Nam was pleased to announce that 2018 was a successful year in the trade relations between Vietnam and Australia.

The two-way trade revenue reached over US$7.7 billion in 2018, up 19% over 2017. Vietnam reported export revenue of nearly US$4 billion to Australia, a year-on-year increase of 20% and import revenue of over US$3.7 billion, a year-on-year increase of 18% compared to 2017.

The Ambassador expressed his belief that favourable conditions will converge in 2019 and the coming years, further fostering economic cooperation between the two countries.

He noted that a number of free trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) and the Regional Comprehensive Economic Partnership (RCEP), are expected to be a strong driving force to fuel the bilateral trade relations.

Nam affirmed that the relations between Vietnam and Australia have never developed as well as at present and called for businesses of both sides to take advantage of opportunities to turn the fine political relations into practical economic benefits.

Attending the event, Chairman of Hoa Binh Provincial People’s Committee Bui Van Khanh introduced the province’s preferential policies for investors and called for investment in the prioritised areas of supporting industry, green agricultural production, ecotourism, cultural tourism, electronic components assembly, infrastructure, and others.

Representatives from large Vietnamese corporations including TMS, Dai Nam Son and FPT also presented their business activities and potentials to appeal for cooperation from Australian firms, particularly in the areas of real estate, trade, tourism, education, and information technology.

Pyron Patching, co-founder of XAct Solutions said that it is a very good time to invest in Vietnam thanks to the country’s stability and high economic growth. He noted that real estate development is currently bringing about many investment opportunities for Australian firms. In addition, supermarkets, tourism, and consumption supporting activities will also offer good business opportunities for Australian enterprises, Pyron Patching said.

The average trade growth rate between Vietnam and Australia was 12% per year during the past 10 years, the highest rate among ASEAN countries. Vietnam is now the 15th largest trade partner of Australia and Australia is the seventh largest trade partner of Vietnam.

Australia has invested over US$2 billion in about 400 projects in Vietnam, ranking 19th out of 116 countries and territories investing in Vietnam. Vietnamese firms have begun to invest in Australia with approximately 50 projects worth over US$500 million in total.