Australian firms keen to invest in Vietnam due to political stability

Eliza Chui, strategic project lead of the Australian Trade and Investment Commission (Austrade) made the statement at seminar held on March 27 in Hanoi to promote trade and culture between both sides.

Vietnam represents the sixth largest economy in ASEAN, she said, adding that a huge quantity of up to 291 industrial parks has made it become an ideal destination for investors that view the nation as a market for development.

In the post-COVID period, Vietnamese people tend to care about their health, meaning they are willing to look for high-quality products, a factor that is expected to create a wealth of opportunities for Australian products, she said.

Last year's two-way trade reached about AUD23.5 billion, making Australia the country’s seventh largest trading partner, while the nation also became Australia’s 10th largest trading partner.

Most notably, bilateral trade in agro-fishery-forestry products surpassed the impressive AUD6 billion mark for the first time in 2022.

Moreover, Tony Harman, agricultural counselor for the Embassy of Australia in Vietnam, pointed out that the event provides an ideal venue to market Australian products in the Vietnamese market, as well as introducing additional Vietnamese agricultural products to the demanding market.

He went on to reveal that Vietnamese farm produce have been exported to the Australian market in different forms; including dried, frozen, and fresh; adding that Vietnamese shrimp is very popular and is currently dominating this market.

The Australian trade official emphasised that Australia has also accelerated the import of additional pomelos and passion fruit from the Vietnamese market, meaning consumers there can enjoy high-quality products from the nation.

Currently, Australia gives priority to accessing the Vietnamese market with products such as honey, kangaroo meat, venison, peaches, cranberries, and infant formula.