On July 4 in Ho Chi Minh City, the Australian Chamber of Commerce in Vietnam (AusCham) and the Australian Federal Government, represented by the Department of Foreign Affairs & Trade (DFAT), signed a new partnership and announced the launch of the Australian Industry Hub in Vietnam.

The partnership between AusCham and DFAT, which will last for three years, is expected to create an entity that will help Australian industry bodies enter Vietnamese markets, creating new bilateral trade and investment opportunities in line with the Australian Vietnam Enhanced Economic Engagement Strategy (EEES) agreed upon by the two countries in 2019 and in action since early 2022. “The contract between AusCham and DFAT provides AusCham with A$1 million ($680,250) to set up, run, and manage an industry hub designed to assist in delivering market access across Vietnam to Australian industry groups in food, fiber, and forestry,” Mr. Simon Pugh, AusCham President, told the launch.

The Australian Industry Hub will help Australian industry bodies access Vietnamese industry groups for the purpose of increasing bilateral trade and investment between Australia and Vietnam, to become top ten trading partners and to double two-way investment. The principal focus of the Hub is as a trade facilitating body that will support increased Australian agrifood, fiber, and forestry exports into Vietnam.

It will enable selected agricultural industries to establish a physical presence in Vietnam, helping to further boost in-market engagement. “The Hub will provide exporters with an opportunity to benefit from the many insights we have all gathered over the years,” said Mr. Tom Sullivan, Director of AusCham.

The Hub will also partner with industry associations and peak bodies in Australia with a demonstrated interest in Vietnam as a new or expanding market for their sectors. “It will bring local knowledge and in-country support via AusCham to new Australian market entrants,” according to Ms. Sarah Hooper, Australian Consul-General in Ho Chi Minh City. The Hub is also expected to drive further commodity exports from Australia to Vietnam.