Opinion
Ambassador: Sydney appreciates business opportunities in Vietnam
Vietnamese Ambassador to Australia Luong Thanh Nghi yesterday attended a conference that has been held in Sydney, Australia to highlight opportunities and challenges in the Vietnamese market.
Vietnamese Ambassador to Australia Luong Thanh Nghi addressed the event
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The conference has drawn representatives from more than 100 enterprises and organisations interested in Vietnam. Addressing the event, Vietnamese Ambassador to Australia Luong Thanh Nghi briefed participants on the socio-economic development of Vietnam, as well as the country’s important achievements during 30 years of renewal.
Vietnam has become a middle-income country, with an average annual growth of over 6 percent in many years and people’s improved living conditions, he noted, adding tha t the country is also integrating into the world intensively and extensively. However, he also pointed out a number of challenges facing the country amidst the complicated world situation and slow global economic recovery.
In the coming time, Vietnam will focus on reforming the economy, restructuring State-owned enterprises and creating favourable conditions for foreign investors, he affirmed. The Ambassador highlighted the effectively developing ties between Vietnam and Australia in all fields, noting that Vietnam is the fastest growing trade partner of Australia among ASEAN countries.
Participants at the event also discussed opportunities for Australian firms in Vietnam as well as their experience in the market. They noted Vietnam’s great economic potential thanks to its strategic location, improv ing investment environment and young workforce as well as the country’s signing of many free trade agreements, including that with the EU and the Trans-Pacific Partnership.
On the occasion, the Australia - Vietnam Young Leadership Dialogue (AVYLD) officially became operational as an initiative of some Vietnamese - Australian youngsters, aiming to strengthen the mutual understanding between the two countries’ people, particularly the youth. The non-profit forum is supported by the Australian Government through the Australia-ASEAN Council and other partners. The first dialogue is slated for May 2017.
A recent report said that Vietnam is Australia’s fastest growing ASEAN trading partner as a result of trade deals like ASEAN Australia New Zealand FTA and proposed ones like the Regional Comprehensive Economic Partnership and Trans-Pacific Partnership.
Vietnam is Australia’s second smallest trading partner among the six ASEAN countries studied in the ASEAN Connected report, with bilateral trade standing at just over 10 billion AUD (770 million USD) in 2015.
According to the report, Vietnam’s rapid economic growth is creating a big opportunity for Australian education services, particularly in the tertiary and professional areas. Australia is already the leading study destination for Vietnamese students, almost 30,000 of whom were enrolled in Australian institutions last year.
The report, covering 83 mid-market Australian enterprises, finds that business success relies on an appropriate risk appetite, on-the-ground engagement and an ability to adapt to different business cultures.
