Participants at the Australia Investment Forum organised last Friday in HCM City. Photo courtesy of the Australian Embassy

HCM CITY — There is significant potential for cooperation between Việt Nam and Australia in trade and investment, as both countries strive to boost bilateral trade to US$20 billion and double two-way investments this year.

Speaking at the Australia Investment Forum in HCM City last Friday, Vũ Văn Chung, deputy head of the Foreign Investment Agency, said Việt Nam would offer favourable conditions for Australian investors to invest in the country.

“With the commitment from both governments to foster economic cooperation, the future looks promising for bilateral ties,” he said.

Sarah Hooper, consul general of Australia in HCM City, said with Việt Nam being an important economic partner for Australia, both countries are aiming to double two-way investments and become each other’s leading trading partner.

“With an open economy, multiple free trade agreements (FTAs), and strong cultural links with Asia, we see tremendous potential to expand our trade and investment relationship,” she said. “There are real opportunities in Australia for Vietnamese investors who take the time to understand the market and invest their businesses, linking their supply chains in Việt Nam and international markets.”

Bilateral trade between the two countries reached $16 billion last year, with Việt Nam being the 10th largest trade partner and Australia becoming Việt Nam’s seventh largest trade partner.

As of March 2023, Australian investors have invested in 593 projects worth a total registered capital of $2 billion in Việt Nam, mostly in the processing industry, manufacturing, accommodation and catering services, agriculture, forestry, and fishery sectors. 

Australian businesses have recently been investing in Việt Nam’s resources and energy sector, including renewable energy, electric vehicle batteries, and energy storage solutions. 

Meanwhile, Vietnamese enterprises have invested in 93 projects worth $586 million in Australia.

The forum was organised by the Australian Trade and Investment Commission (Austrade) and the Foreign Investment Agency as part of the 50th anniversary celebration of Việt Nam-Australia bilateral diplomatic ties.