Some 350 representatives from the Vietnamese and Australian governments, industry associations, and the private sector attended the Australia - Vietnam Investment Forum in Hanoi on April 17.

The forum aimed to raise awareness about the investment environments in Australia and Vietnam and to identify commercial opportunities to forge clean energy trade and investment partnerships.

Bolstering two-way trade and investment is a joint priority as Vietnam and Australia commemorate 50 years of bilateral diplomatic relations in 2023.

As of March, Australia had 593 valid projects in Vietnam with capital of $1.99 billion, ranking it 20th out of 143 countries and territories with investments.

Two-way trade rose 26.9 per cent last year to $15.7 billion, including Vietnam’s exports of $5.6 billion, making Australia its seventh-largest trade partner.

The two countries are working together on new opportunities and challenges, including measures to address climate change to meet our shared objective of net-zero emissions by 2050.

Australia is a long-term partner of Vietnam’s economic development and Australian companies have been investing in Vietnam for decades. Companies including Telstra, RMIT, ANZ, Bluescope Steel, Allens, and BHP have made strategic investments that have contributed to Vietnam’s infrastructure and economic development.

Other notable investors include Austal, VMS, and Midway Metals in manufacturing, Linfox and Aurecon in logistics and services, Blackstone Minerals and Blueleaf Energy in resources and renewable energy, and CBH and SunRice in agribusiness.

As an investment destination, Australia continues to outperform other advanced economies. Its economic strength is based on sound fundamentals. Australia’s legal and governance systems are transparent, property rights are protected, and an adaptive regulatory environment makes Australia a business-friendly nation.

It is well positioned to become a renewable energy superpower, which will require greater inward investment and deeper commercial links with countries like Vietnam. Vietnamese companies have already invested capital of $572.9 million in Australia, with the Hoa Phat Group and the TH Group being the largest, focusing on resources and livestock.

“Deepening our engagement with Vietnam is a priority for the Australian Government, including as we diversify our trade and investment links and develop the Southeast Asia Economic Strategy to 2040,” Senator Don Farrell, Australia’s Minister of Trade and Tourism, told the forum. “Vietnam offers significant trade and investment opportunities for Australia over the next few decades.”

To further promote economic, investment, and trade cooperation between Vietnam and Australia, the Ministry of Planning and Investment has suggested that the two sides continually promote the role and effectiveness of the Vietnam - Australia Economic Partnership Ministerial Conference. This is an important channel for economic exchange and cooperation between the two countries and creates favorable conditions for businesses of both to carry out effective business activities.