New report provides a 'roadmap' for Australia-Vietnam investors to bolster bilateral trade

A "blueprint" report provides practical recommendations for both governments and businesses on investment opportunities and trade between Australia and Vietnam.

The member for Fowler, Dai Le, participated in a discussion at a recent conference on how Australia could create opportunities for Vietnamese and Australian investors. Credit: Asialink Business

Key Points

• The report provides recommendations to improve bilateral trade and expand opportunities for investors between Australia and Vietnam.
• It highlights the need for greater cooperation between the two nations to overcome any obstacles to trade and investment.

Six Australian "Business Champions" from Australia and Vietnam have presented recommendations to both their governments on ways to enhance trade and investment relations between the two countries.

The Business Champions Recommendation Rreport from Australia Vietnam Policy Institute (AVPI) provides a roadmap to enhance the commercial relationship between Australia and Vietnam, opening up opportunities for investors and businesses from both countries.

Australia needs to approach Vietnam with a consistent 'Brand Australia' to build a comprehensive mechanism for business connections.

Dai Le, MP for Fowler

The report was the result of a year-long consultation with businesses and governments in both Australia and Vietnam and was presented to support the goals of the Australia-Vietnam Enhanced Economic Engagement Strategy (EEES).

CEO Leigh Howard - Asialink Business, Ms. Dai Le MP, Dominique Wiehahn - Associate Director, Asia Strategy & Impact, RMIT University Credit: Asialink Business

Our goal is to reduce barriers between the two countries and help businesses on both sides better understand each other.

Leigh Howard, CEO Asialink Business

The report identifies eight recommendations from Australian Business Champions to Vietnam, Louise Adams, COO, Aurecon, Rob Gordon, CEO, Sunrice and Martin Bean CBE, former Vice-Chancellor, RMIT University, to maximise the trade and business relationship between Australia and its Southeast Asian neighbour.

One of the key recommendations is to amplify the Vietnam commercial opportunity in Australia. This involves developing and promoting to Australian industry a series of case studies raising awareness of commercial success stories across the bilateral relationship.

Another key recommendation is to boost business literacy and capability for engaging with Vietnam.

A diverse group of guests from various fields, including education, finance, technology, trade, and investment attended the conference. Credit: Asialink Business

This involves investing in micro-credentials and partnered research roadmaps to fill information gaps, deepen understanding of the potential of the bilateral relationship, and equip businesses and government with the skills required beyond language to engage successfully in and with Vietnam.

Layton Pike, Executive Director, International (Interim), RMIT University (centre). Credit: Asialink Business

In addition to these two key recommendations, the report also suggests establishing a "Team Australia" approach to trade and business with Vietnam, curating a visible and aligned "Brand Australia".

This approach will help create a comprehensive mechanism for business connections between the two countries, the report says.

Businesses have spoken out strongly on what needs to happen to expand trade and boost two-way investment. The Business Champions’ recommendations present tangible insights for both governments on what they can do to help facilitate this growth.

Layton Pike, Executive Director, International (Interim), RMIT University

The report discussion was attended by representatives from the Department of Foreign Affairs and Trade, Austrade, and businesses interested in entering the Vietnamese market. Credit: Asialink Business

Another important recommendation in the report is to establish a "clearing house" to support investment.

The "clearing house" will serve to centralise commercial concerns around regulatory barriers which currently act as deterrents for Australian investment into Vietnam.

This will include creating detailed business cases highlighting key legal and regulatory assumptions underpinning investment and providing comprehensive responses that cover both provincial and national jurisdictions.

The Australia-Vietnam Business Champions Recommendation Report. Credit: Asialink Business

The Australia-Vietnam Business Champions Recommendation Report was activated at two roundtables in Sydney and Melbourne earlier this month. Hosted by AVPI Founding Partner, Asialink Business, these forums brought participants together to discuss the Australian findings and recommendations and opportunities for further collaboration.

To read about all of the recommendations in more detail, please visit the Australia Vietnam Policy Institute website.