Australia-Vietnam Business Council celebrates 25th anniversary

In his welcoming remarks, AVBC President and Co-founder Laurence Strano said the celebrations not only look back on the council’s 25-year history but also reflect on the stronger-than-ever relations between Vietnam and Australia, contributed to by the business communities of both sides.

Discussing the AVBC’s history, Strano said that since its inception in 1996 it has contributed to connecting, exchanging, and promoting business and investment opportunities between Vietnamese and Australian companies. In addition to a headquarters in Sydney, it has two representative offices in the states of Queensland and Western Australia, he noted.

Vietnamese-Australians and AVBC members have helped bridge cultural differences and enhance mutual understanding between the two countries’ business communities, thereby facilitating and boosting bilateral trade, he added.

He also stated that the council will focus its efforts on beefing up cooperation between the two sides’ enterprises in the fields of digital technology, emerging technology, digital transformation, education, business development, public relations and media, sports, healthcare, housing, and commercial building development.

Deputy Consul General of Vietnam in Sydney Nguyen Phu Hoa, for his part, highlighted Vietnam - Australia economic ties over recent years. Despite the impact of COVID-19, two-way trade rose nearly 4% to AUD10 billion (about US$8 billion) last year, said Hoa, who is also head of the Vietnamese Trade Office in Australia. In the first quarter of this year, Vietnam’s imports from Australia stood at AUD3.4 billion, up 33.7% year-on-year.

Australian investors in Vietnam can not only access a market of nearly 100 million people but also other foreign markets, as the latter is now a member of 17 free trade agreements and has joined a number of economic and trade partnership frameworks with many foreign countries, he added.

Bui Viet Khoi from the Embassy of Vietnam in Australia said Vietnam has set a goal of becoming a high-income country by 2045 and to this end will need expertise, funding, and close cooperation from Australian businesses over the next 25 years.

He emphasised that the embassy will continue acting as a bridge to foster business partnerships and technology transfer between the two countries.

Vietnam and Australia will celebrate the 50th anniversary of diplomatic ties in 2023.