Sam Conroy, President of the Australian Business Association in Vietnam (AUSCHAM), was interviewed by Business Forum Magazine regarding this topic on Vietnam Revolutionary Press Day.

How do you assess the attractiveness of the Vietnamese economy to Australian investors?

The attractiveness of the Vietnam economy to Australian investors can be attributed to various factors. First, Vietnam's growing economy and stable political environment make it an appealing destination for Australian businesses seeking investment opportunities. Obviously, the Vietnamese government's initiatives to enhance infrastructure and streamline regulations, along with young and skilled workforce, are significant draws for Australian businesses looking to establish a foothold in the region.

Moreover, Vietnam's strategic location in Southeast Asia provides access to a large market and opportunities for growth, making it an ideal investment hub for Australian investors. Bilateral trade agreements between Vietnam and Australia, such as the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), play a crucial role in fostering a conducive environment for economic development and investment. These agreements eliminate or reduce tariffs and trade barriers, facilitating smoother trade of goods and services between the two countries.

Last but not least, the Australian government recently announced "Invested: Australia’s Southeast Asia Economic Strategy to 2040" outlining Australia's long-term commitment to enhancing economic cooperation and partnerships with Southeast Asian countries, including Vietnam. This strategic framework focuses on bolstering stronger trade relations, promoting investment opportunities, and collaborating on key economic initiatives to drive sustainable growth and prosperity in the region. By leveraging these factors and strategic initiatives, Australian investors can capitalize on Vietnam's economic potential for mutual benefit and shared prosperity.

There are more Australian investors coming to Vietnam. Can you please share which sectors they are keen on?

Australian investors are increasingly eyeing opportunities in a range of sectors in Vietnam. Some of the sectors that have piqued the interest of Australian investors include agriculture and agribusiness, renewable energy, infrastructure development, education and training, technology and innovation, and healthcare. These sectors present promising prospects for investment and partnership between Australia and Vietnam, fostering growth and development in both economies.

In your opinion, how can Vietnam improve to attract more investment from Australia?

I believe that Vietnam has the potential to attract more investment from Australia by implementing several key strategies. To begin with, Vietnam could streamline its regulatory processes and reduce bureaucratic hurdles to make it more attractive for Australian businesses to invest in the country. Improving infrastructure development, especially in transportation and logistics, would enhance connectivity and facilitate smoother operations for Australian investors.

Furthermore, investing in education and skills training to cultivate a highly skilled workforce that aligns with the requirements of Australian businesses seeking to invest in Vietnam is essential. Strengthening the protection of intellectual property rights and enforcing anti-corruption measures would create a more secure and transparent business environment for Australian investors, ultimately boosting their confidence in investing in Vietnam.

How do you evaluate the role of the press in economic diplomacy in general and promoting investment and trade cooperation between Vietnam and Australia in particular?

The press plays a crucial role in economic diplomacy by serving as a platform for information dissemination, shaping public opinion, and facilitating communication between nations. In the context of promoting investment and trade cooperation between Vietnam and Australia, the press, such as Vietnam Business Forum Magazine by VCCI, acts as a vital channel for sharing news, insights, and updates on economic developments, investment opportunities, and trade policies.

Through accurate and timely reporting, the press helps build awareness, trust, and transparency in bilateral economic relations, fostering a conducive environment for business partnerships and collaborations.

Additionally, the press can highlight success stories, showcase investment potential, and address challenges, thereby influencing decision-making and promoting mutual understanding between Vietnam and Australia in the realm of economic diplomacy.

As the newly elected President of AusCham, do you and AusCham have any plans to promote the bilateral trade between Australia – Vietnam?

AusCham is a dedicated organization that represents Australian businesses in Vietnam, aiming to build a strong professional network that fosters connections and opportunities within the dynamic Australian-Vietnamese business community. By harnessing the diverse expertise of its members, AusCham works towards advancing the interests of stakeholders by facilitating connections and sharing valuable insights into the Vietnamese business landscape.

The recent appointment of a new board and executive director, along with the approval of a new strategy plan, highlights AusCham's commitment to aligning its initiatives with the strategic objectives of the Australia-Vietnam partnership. One of our key strategic goals is to enhance the relationship between Vietnam and Australia, contributing to the policy and economic development of both countries.

Through initiatives like AusHub, we aim to support Australian industry peak bodies in entering the market. AusCham looks forward to collaborating with VCCI to further improve the business environment and support the flourishing business community.

Sincerely, thank you!