Investment Forum promotes Vietnam – Australia trade ties

“There are real opportunities in Australia for Vietnamese investors who take the time to get to know the market and to invest their business in Australia, which link to their supply chains in Vietnam and in international markets,” Hooper stressed.

She revealed that bilateral ties have been growing strongly across all sectors, adding that visits by Australian leaders this year, which marks the 50th anniversary of diplomatic ties, demonstrates Australia’s great importance to its strategic partnership with Vietnam.

Australia is also committed to elevating both side’s relationship to comprehensive strategic partnership moving forward, she said, adding that Vietnam is represents a very important economic partner for Australia as both countries aim to double two-way investment and become each other's leading trading partners in the future.

In his opening speech, Vu Van Chung, deputy head of the Ministry of Planning and Investment (MPI)’s Foreign Investment Agency (FIA), emphasised that the two countries have established a time-honoured relationship, which is flourishing across multiple fields, with trade and investment relations being one of the main pillars.

“Vietnam and Australia have complementary economics and there is much room for development moving forward,” he added.

With two-way trade reaching US$16 billion last year, Vietnam was Australia’s 10th largest trading partner, whilst Australia was Vietnam’s largest trade partner.

Australian businesses are operating 593 projects across Vietnam with a total registered capital of approximately US$2 billion, ranking 20th out of 143 countries and territories investing in the country as of March. Most investment fields included processing - manufacturing, accommodation and catering services, agriculture, as well as forestry and fishery.

Australian firms are now teaming up with their Vietnamese counterparts in the resources and energy sector, with the primary focus on renewable energy, batteries for EV, and energy storage solutions, in an effort to speed up Vietnam’s energy transition towards the goal of net zero commitment by 2050.

Meanwhile, Vietnamese businesses have invested around US$500 million in Australia. Recent investments came from TH Group, Hoa Phat Group, TTC AgriS, and Vitadairy. This demonstrates that there are many opportunities that Australia offers Vietnamese investors, as well as the complementarity and diversification potential that exists between the two countries’ supply chains.

At the forum, representatives from Australian federal agencies and state governments, along with Vietnamese policymakers and investors, shared information on foreign direct investment policies, market opportunities and challenges, and provided guidance on business practices that can support businesses with their investment plans.

The forum also provided a platform for Vietnamese businesses to directly discuss matters with representatives of Australian states and territories.