Vietnam-Australia business forum to seek co-operation opportunities

The “Vietnam-Australia Business Cooperation Forum” Technology Transfer and Business Opportunities between Innovation Ecosystems in Australia and Vietnam” will be organized by the Australian Department of Foreign Affairs and Trade (DFAT). The event will be held on June 16 in collaboration with the Ministry of Science and Technology (MOST), the University of Technology Sydney (UTS), Saigon Innovation Hub (SIHUB), and Ho Chi Minh City University of Technology.

It is set to be supported by the Australia-Vietnam Enhanced Economic Engagement Grant (AVEG) under which the Australian Government is committed to providing roughly US$2 million to assist small Vietnamese businesses.
The forum will be held both in person in Ho Chi Minh City and on virtual platforms, expects to see the presence of leaders of the two countries, as well as experts and business representatives from both sides.

Discussions will mainly focus on the application of digital transformation in search and rescue efforts, climate change response, health care, benefit-sharing scheme in energy projects, preservation of agricultural and aquatic products using solar power, and agricultural product traceability using Blockchain. This is in addition to Internet of Things (IoT)-based smart farming solutions, biomethane production from agricultural residues, energy efficiency, and others.

Last November saw both sides adopt the Enhanced Economic Engagement Strategy, with the primary aim of becoming top-10 trading partners and doubling two-way investment.

According to the DFAT, joint trade has grown 8.6% annually over the past two decades, with Australian investment into the country reaching US$1.38 billion, equal to US$966 million, accounting for 0.51% of the latter’s total FDI.

Australia provided ODA loans worth AUD78.9 million to the nation in 2020 and 2021.