A new report by Asia Society Australia and The Australian APEC Study Centre highlights how Australia and Viet Nam are natural economic partners.
Viet Nam is a dynamic and rapidly-growing market, and one of Australia’s fastest growing trading partnerships. Viet Nam’s economic growth over three decades, large and mobile talent pool, consistent economic reform, embrace of digital economy and skilled COVID-19 management have put the country in good shape.
The time for Australian businesses to consider Viet Nam as the next phase of their growth strategy is now.
Asia Society Australia and The Australian APEC Study Centre at RMIT University, supported by the Victorian Government, have developed the ‘A Path to Viet Nam’ report to raise awareness of business opportunities and show pathways for Australian companies to succeed in Viet Nam.
The report’s key takeaways
- Viet Nam is a perfect economic partner for Australia, as both nations have complimentary economic systems and seek diversification of their trading partnerships, amidst weakening global economy and geopolitical tensions
- Viet Nam has emerged from the COVID-19 crisis better than most countries in the world and has maintained positive economic growth as a result of proactive management of the pandemic
- Australia and Viet Nam have elevated their government-to-government relationship to the highest level creating a favourable environment for businesses in both nations to engage and generate commercial outcomes
- Viet Nam has a unique and fast-paced market, and a vastly different political system requiring businesses to have comprehensive, long-term and tailored entry strategies, based on local knowledge, competitive advantage and due diligence
- Significant opportunities for Australian businesses exist in agriculture, mining and resources, education and ICT services, and Industry 4.0
- Australian businesses can leverage a thriving bilateral eco-system of relationships to support their efforts in Viet Nam
The report provides Australian business with market insights on the products, services and sectors that offer the most viable opportunities in Viet Nam. It provides recommendations for entry strategies, practical advice and case studies of successful Australian ventures in Viet Nam.
