Vietnam perfect partner for Australia: report

Illustrative photo (Source: https://asiasociety.org/)

Vietnam is a perfect economic partner for Australia, said a joint report by Asia Society Australia and the Australian APEC Study Centre at RMIT University.

Supported by the Australian state of Victoria’s Government, the “A Path to Vietnam” report aimed to raise awareness of business opportunities and show pathways for Australian companies to succeed in Vietnam.

The findings from this report show Vietnam is a standout option for Australian businesses to consider as a market for goods and services and business investment.

The market will help Australia capitalise on economic complementarities and diversify supply chains.

The report said Vietnam, a densely populated, developing and urbanizing country, is rapidly transitioning to an industrial and market-based economy through trade and investment and is making strides to position itself to thrive in the Fourth Industrial Revolution (Industry 4.0).

It pointed to great opportunities available in Vietnam for Australian goods like beef, grains, cotton, horticulture and processed foods; resources like mining, minerals, and metals; services in education, ICT, insurance, environmental and health; and Industry 4.0-related sectors of Fintech, Agtech, Healthtech, Edtech, logistics, IT services, and digital skills.

According to the report, Vietnam always welcomes Australian firms, with Australian brands highly evaluated. Currently, the two nations are both working on Enhanced Economic Strategies to meet a joint ambition to become top ten trading partners of each other and doubling investment in each other.

At his trip to Vietnam last year Australian Prime Minister Scott Morrison said: “We’re at a sweet spot in our partnership. […] The capacity for Australia and Vietnam to work even more closely together is enormous. Our partnership is full of potential. It’s full of opportunities.”/.
VNA