The contributions of Vietnamese and Australian Business Champions have resulted in trade and investment opportunities between the two countries being accelerated, speakers told “The Vietnam - Australia Business Champion Initiatives Ceremony 2022” organized jointly in Hanoi on October 18 by the Ministry of Planning and Investment (MPI), the Agency for Enterprise Development (AED) at MPI, and Australia’s Department of Foreign Affairs and Trade (DFAT).

The ceremony saw the participation of Australian and Vietnamese Business Champions, Deputy Minister of Planning and Investment Tran Duy Hong, and Senator Tim Ayres, Assistant Minister for Trade and Assistant Minister for Manufacturing.

Six Business Champions have been chosen by the Vietnamese and Australian Governments: TH Group, VietcomBank, Hoa Phat Group, Aurecon Group Pty Ltd, the Bean Centre, and SunRice Group. The Business Champions Initiative is considered one of the key initiatives under the Australia - Vietnam Enhanced Economic Engagement Strategy (EEES), which was announced in 2021 to realize the enormous economic potential that exists between the two countries.

The role of Vietnam - Australia Business Champions is to promote Vietnam - Australia trade and investment, facilitate consultation with industry, and report back to governments on both the opportunities and challenges businesses are facing. “The opportunities that Australian businesses have when investing in Vietnam lie in human resources, infrastructure, and the enthusiasm of the Vietnamese Government,” Senator Ayres said. “We want to support the economic development of Vietnam with strong Australian investment.”

Figures from the Ministry of Planning and Investment (MPI) show that bilateral trade between the two countries reached $9.6 billion in the first nine months of 2022, a 41 per cent increase year-on-year. Deputy Minister Dong believes that with contributions from the Vietnam - Australia Business Champion Initiatives and ministries in Vietnam and Australia, bilateral trade will develop strongly in the future.

Mr. Rob Gordon, CEO of SunRice Group, said the opportunities for the agriculture sector in Vietnam are very promising indeed. “There is very good quality rice in the country and we think we have the opportunity to enhance the value chain further and open up more export markets at the most discerning price,” he said. “We want to make sure we link the best of Vietnamese prowess to high-value markets in the world.”

After a year of implementing the Vietnam - Australia Business Champion Initiatives, businesses in the two countries have carried out many major activities, creating a lot of value for the business communities of both. “I appreciate the proactive and dedicated spirit of the six pioneering businesses as well as the results they have achieved in the past year,” said Deputy Minister Dong. “The enthusiasm and effort of the six Business Champions will make an important contribution to helping Vietnam and Australia become top 10 trade partners of each other.”

Australian businesses also see Vietnam as a market that boasts potential to develop business activities. Mr. Gordon noted that Vietnam is a very strong market, and SunRice would love to be present in the country. “Sunrise has 50 different markets and eleven supply chains to source rice around the world, and we would like to develop Vietnam into one of the larger markets in the world,” he emphasized.