Local businesses in Australia’s New South Wales (NSW) have shown interest in joining the agricultural technology as well as food and beverage sectors in Việt Nam – a promising market in their eyes.

Australia’s New South Wales' businesses place agritech, food and beverage
as the top priority for investment in Việt Nam. — VNA/VNS Photo

Local businesses in Australia’s New South Wales (NSW) have shown interest in joining the agricultural technology as well as food and beverage sectors in Việt Nam – a promising market in their eyes.

Việt Nam’s fast and sustainable growth over the past many years has made the market attractive to companies in NSW, said Karla Lampe, Director for International Engagement & Market Development at NSW Treasury at an online conference held this week to explore business opportunities in Việt Nam.

She said that the advantages in population and the increase in middle-income people have created more trade and investment opportunities for Australian firms.

Lampe said that Việt Nam is currently the ninth largest trade partner of NSW, stressing that NSW businesses place agritech, food and beverage as the top priority for investment in Việt Nam.

Meanwhile, Rebecca Ball, Australian Deputy Consul-General in Việt Nam and Cambodia said that Việt Nam’s attention to agritech development is a great chance for Australia to engage in the market.

According to Ball, Australia can help Việt Nam improve farming productivity, water resources, animal feed and pest management, and origin trace through introducing effective agricultural solutions, thus responding to challenges in food security and food safety.

In the first quarter of 2021, Australia’s export revenue of farm produce from Việt Nam increased 44 per cent year on year, she noted, adding that Việt nam is likely to become the fifth biggest export market of Australian agricultural products by the end of 2021 from the current eighth position.

At the event, representatives from numerous successful businesses in Việt Nam and Australian agencies shared their experience and answered questions regarding Vietnamese agritech, food and beverage sectors.