Vietnam Trade Office in Australia contributes to crucial national goals

Hoa said the office has outlined an action plan to develop exports by leveraging supply chain and building a "green origin" brand, aimed at fostering positive consumer sentiment. It also proposed collaborations in semiconductors, digital economy, financial centres, mineral supply chains, energy, infrastructure, green and circular economy.

In the first 11 months of this year, Vietnam’s exports to Australia surged by 24.4% annually, far outpacing the national average export growth of 14.4%. Australia is increasingly becoming a vital supplier of raw materials for Vietnam’s burgeoning manufacturing sector, with around 80% of Vietnam’s imports being raw materials and fuel. In return, Vietnam exported a diverse range of products to Australia, from machinery, equipment, vehicles and transport parts, apparel, leather and footwear, to agricultural and aquatic products, and construction materials.

Vietnamese Trade Counsellor to Australia Nguyen Phu Hoa (Photo: VNA)

In the semiconductor sector, Hoa suggested financial investments from Australia in semiconductors, Vietnam's labour supply to Australia, and a "2+1" cooperation model in which both countries utilise advanced technologies from the US, given Australia's participation in the AUKUS alliance.

The establishment of financial centres in Vietnam is another key initiative. The office has proactively engaged with investment funds and banks to stimulate interest in the Vietnamese market and help Vietnamese firms list on the Australian stock exchange.

Recently, a delegation from the Commission for the Management of State Capital at Enterprises, alongside major Vietnamese corporations, attended an investment roundtable in Australia to discuss investment cooperation solutions.

In the mineral and energy supply chains, Vietnam's advantages, such as a skilled workforce, favourable logistics, and abundant new energy sources, complement Australia's advanced technology and rich mineral reserves. Hoa envisioned collaborative mineral processing industrial zones in Vietnam using green technologies, ensuring processed minerals meet environmental standards before export.

Australia's keen interest in Vietnam's rare earth sector underscores the need for accelerated cooperation to develop refined products for export, making both countries competitive in the global market, he said.

In the energy sector, the office has encouraged Vietnamese firms to engage in Australian mining projects, particularly in the liquefied natural gas (LNG) field, to ensure energy security.

Both Vietnam and Australia recognise the importance of nuclear power plants, presenting an opportunity to share visions and financial solutions while integrating third-party technologies.

In logistics and infrastructure, the office is actively assisting businesses from both countries interested in investing in or acquiring shares of port, road, and storage facilities.

The Australian investment funds have expressed continued interest in energy projects in Vietnam, committing to updating infrastructure project information to the Macquarie fund.

In the digital economy, the office has conducted studies on digital economic cooperation models between Australia and Singapore, drawing valuable insights for Vietnam. It has facilitated connections between IT businesses from both countries and is promoting blockchain technology from the Vietnamese company Auschain for traceability in the Australian agriculture sector.

The office is also exploring the use of blockchain for carbon credit trading platforms and advising Australian fintech companies to enter the Vietnamese market.

With both nations committed to green and circular economies, the office is promoting cooperation in green supply chains for raw materials and components, a long-term strategy with significant environmental and economic benefits, he added.