Workshop seeks to promote investment from Australia into Vietnam
With a stable socio-political environment, improved infrastructure and a population of nearly 100 million, of which 70% are young and educated people, Vietnam will soon become a favourite destination for Australian investors, Deputy Minister of Foreign Affairs Nguyen Quoc Dung said on December 2.
He made the statement at a workshop on investment opportunities in Vietnam in 2021 which was organised by the Consulate General of Vietnam in New South Wales, South Australia and Queensland in collaboration with the Department of External Affairs of the Ministry of Foreign Affairs.
The workshop aimed at providing information on policies and the investment environment in Vietnam to Australian investors who want to learn more about the Vietnamese market and creating a channel to connect business communities of the two sides, offering opportunities for them to exchange with each other.
The Vietnamese Deputy Minister affirmed that the Vietnam - Australia relations have become stronger than ever, reflected in the elevation of bilateral cooperation to a comprehensive partnership in 2009 and a strategic partnership in 2018. In particular, in early November, Vietnamese Prime Minister Pham Minh Chinh and his Australian counterpart Scott Morrison announced an enhancement strategy on economic engagement. This is the foundation for further promoting Vietnam - Australia cooperation, he said.
Do Van Su, deputy director of the Foreign Investment Agency under the Ministry of Planning and Investment said that Vietnam possesses many competitive advantages compared to other countries in the region. Vietnam has so far signed 15 free trade agreements (FTAs), including important new-generation FTAs such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP).
It shows that Vietnam has a great level of international integration and is a gateway for foreign investment enterprises to penetrate the region.
Masaaki Ikeda, CEO of Urbanscope Pty Ltd in Sydney, which has participated in many projects in Vietnam, said Vietnam’s economy has undergone a miracle development and the country will attract the attention of foreign businesses, especially investors in the fields of construction and infrastructure development.
Dr Nguyen Huu Le, Director of TMA Solutions, said that Vietnam's IT industry is developing impressively. Many global technology giants have chosen Vietnam to locate their subsidiary. In 2020 alone, Vietnam exported about US$100 billion worth of high-tech products. Meanwhile, Australia has advanced technology but suffers a shortage of IT human resources.
The cooperation between Australian and Vietnamese businesses will create globally competitive technology products, Le said.