Australia and Vietnam ‘perfect partners’ for trade opportunities

Australia and Vietnam ‘perfect partners’ for trade opportunities

As Australia looks to diversify its economic and supply chains, a new report produced by RMIT’s Australian APEC Study Centre and Asia Society Australia is providing insights into trade opportunities in Vietnam.

Citing Vietnam’s rapid growth over the past three decades, consistent economic reform, swift digital uptake and competent COVID-19 management, Asia Society Australia CEO Phillip Ivanov encouraged Australian businesses to make Vietnam part of their global strategy.

“Vietnam has emerged as a new powerhouse of Asia,” Mr Ivanov said.

“With its burgeoning economy which has doubled since 2010, a large, young and educated population and complementary industries, Vietnam is a perfect partner for Australia, and Australian businesses will be well advised to make Vietnam a cornerstone of their Asia growth strategy”.

In developing the report, Australian APEC Study Centre Director Dr Craig Emerson said RMIT had leveraged its deep relationship in Vietnam from 20 years of operating in country, while the Centre provided access to its network of expertise on trade and economic integration.

“Our colleagues at RMIT in Vietnam provided invaluable insights into Vietnam’s culture, politics, business practices and recent policy developments,” Dr Emerson said.

“RMIT’s connections with Australian businesses in Vietnam allowed us to develop first-hand knowledge of the market in Vietnam.”

This year, RMIT is celebrating 20 years of operation in Vietnam. As the largest campus-based foreign university in Vietnam, RMIT has continued to support the region’s social and economic priorities and now has more than 8,000 students, 700 staff and 14,600 alumni. 

news-1-australia-and-vietnam-perfect-partners-for-trade-opportunities The report ‘A Path to Vietnam: Opportunities and market insights for Australian business’ was produced by RMIT’s Australian APEC Study Centre and Asia Society Australia.

While the report did not suggest that Vietnam would replace China as Australia’s primary trade partner in Asia, it found the two countries had complementary economic systems and that both were seeking diversification of their trading partnerships amid a weakening global economy and geopolitical tensions.

An elevated government-to-government relationship had also created a favourable environment for businesses in both nations to engage and generate commercial outcomes, the report found.

The report suggested that there were significant opportunities for Australian businesses in agriculture, mining and resources, education and ICT services and Industry 4.0.

Produced by Asia Society Australia and the Australian APEC Study Centre at RMIT University, and supported by the Victorian Government, ‘A Path to Vietnam: Opportunities and market insights for Australian business’ can be accessed here.

Story: Karen Phelan

05 January 2021

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