Vietnam and Australia have fundamentally complementary economies, which make them partners not competitors in trade, Mr. Mark Tattersall, Chargé d’Affaires at the Australian Embassy in Vietnam, told a roundtable held to launch the Vietnam - Australia Business Champions initiative in 2022 on August 23 in Hanoi.

“The initiative is part of the Australia - Vietnam Enhanced Economic Engagement Strategy (EEES), jointly developed and released in December 2021,” according to Deputy Minister of Planning and Investment Tran Duy Dong. “The strategy aims to see Vietnam and Australia become top 10 trade partners of each other, double mutual investment, and fully utilize the substantial potential between the two countries.”

At the roundtable, analysts, policymakers, and business leaders shared their outlooks, experiences, opportunities, and challenges in trade and investment with Australia. Mr. Hoang Cong Trang, CEO of the TH Group, noted that Australia has many similarities to Vietnam. “The climate is acceptable and similar to Vietnam, while the country also follows natural principles and long-term development orientations in line with the Group’s orientation,” he said.

Businesses can also learn from their Australian partners and apply that knowledge in Vietnam. According to Mr. Pham Dinh Huynh, Chairman of the Board at the Dai Nam Son Group, when investing in property in Australia, it found that construction technology there was much more developed than in Vietnam, which helped build houses in a shorter time, meaning it could be applied in Vietnam. “The west coast of Australia also holds potential for investment,” he added.

According to Mr. Tattersall, in 2021, Vietnam rose to become Australia’s 12th-largest trading partner and Australia became Vietnam’s 10th-largest, one level higher than in 2020. Regarding investment, Australia was one of the largest sources of FDI in Vietnam in 2021. Conversely, Australia receives among the highest outbound foreign investment from Vietnam, according to Deputy Minister Dong, with nearly $540 million in 2021.

Australia and Vietnam are working closely to implement the EEES, with many initiatives already underway or completed. The Business Champions initiative is an example of their joint efforts, in which both countries appointed renowned business leaders with experience in promoting bilateral trade to serve as public champions and boost imports and exports.