Over 200 businesses attended the Australia Investment Forum 2023 in Ho Chi Minh City on September 8.

The Forum provided Vietnamese businesses with knowledge about Australia’s investment environment and opportunities to invest in its Resources & Energy, Advanced Manufacturing, Agrifood, Infrastructure, Logistics & Services, Technology, and Tourism sectors, to complement Vietnam’s strengths and capabilities as well as access global value chains.

Representatives from Australian federal agencies and state governments and Vietnam’s Foreign Investment Agency and investors shared information on FDI policies and market opportunities and challenges and provided guidance on business practices that can help with investment plans.

“With an open economy, multiple FTAs, and strong cultural links with Asia, we see enormous potential to expand our trade and investment relationship and there are real opportunities in Australia for Vietnamese investors who take the time to get to know the market and invest in Australia to link supply chains in Vietnam with international markets,” said Australian Consul-General in Ho Chi Minh City Sarah Hooper.

Vietnam - Australia relations have grown strongly across all sectors. Both countries aim to double the scale of two-way investment and become each other’s top 10 trading partners in the future.

In terms of economic ties, two-way trade reached $16 billion in 2022, making Vietnam the tenth-largest trade partner of Australia and Australia Vietnam’s seventh-largest trade partner.

In terms of bilateral investment, Australian investors have 593 projects in Vietnam with capital of approximately $2 billion, ranking it 20th out of 143 countries and territories investing in Vietnam as of last March. Projects focus on the fields of manufacturing and processing, accommodation and catering, and agriculture, forestry, and fishery.

Most recently, Australian businesses have been teaming up with Vietnamese business partners in the resources and energy sector with a focus on renewable energy, batteries for electric vehicles, and energy storage solutions, to contribute to Vietnam’s energy transition towards the goal of reaching its net-zero commitments by 2050.

Vietnamese businesses, meanwhile, have invested around $500 million in Australia.