Business Envoy February 2022
Australia and Vietnam set to deepen economic ties
Becoming top ten trading partners and doubling two-way investment is the ambitious goal at the core of the recently released Australia-Vietnam Enhanced Economic Engagement Strategy.
Launched by Prime Minister Morrison and Vietnam's Prime Minister Chinh on 1 November 2021, the strategy solidifies a commitment to trade liberalisation and economic connectivity and will help businesses in both countries take advantage of emerging market opportunities.
The economic potential between Australia and Vietnam is enormous. Building on existing strengths across key sectors will be central to realising this potential. Sectors of focus include education, skills and training; resources and energy; agriculture, forestry and fisheries; manufacturing; tourism; science, technology and innovation; digital economy; and health, logistics, financial and professional services.
Vietnam and Australia have complementary needs and resources. Vietnam offers a fast-growing consumer class and high-performing manufacturing sector. Australia offers resources, agriculture, skills and high-quality education. This complementarity creates a pathway of opportunities to deepen trade and investment ties. To assist Australian and Vietnamese businesses and other stakeholders, the strategy is accompanied by an Implementation Plan outlining a series of mutually beneficial, practical initiatives to deepen trade and investment links in key sectors through to 2025.
Business Champions, who are industry leaders, have been appointed to support the delivery of the strategy and promote trade and investment opportunities to business communities in Vietnam and Australia. These are honorary positions appointed for an initial one-year term. The inaugural Business Champions for Australia are Louise Adams, Chief Operating Officer, Aurecon; Professor Martin Bean CBE, former Vice-Chancellor and President, RMIT University; and Rob Gordon, CEO SunRice.
Our economies are highly complementary. Australia is a reliable supplier of the services and raw materials that Vietnam's exporters require, and our consumers enjoy Vietnam's high-quality products in their homes and workplaces. There is enormous potential to take this relationship even further as we emerge from COVID-19.
This Strategy is the strongest reflection yet of our confidence in our shared economic future, bringing us closer to becoming top ten trade partners and doubling investment. Through the strategy we can recover our economies and prosper together.