HCM City seeks stronger economic links with Australian partners
A business roundtable between Ho Chi Minh City and New South Wales state was held in Sydney on May 14, attracting representatives of over 150 Australian enterprises and investors.
Chairman of the HCM City People’s Committee Phan Van Mai introduced the potential and advantages of the southern largest economic hub of Vietnam, along with cooperation opportunities for Australian enterprises.
He also highlighted the emerging areas the city is interested in, including science - technology, innovation, digital transformation and green growth, and calling on educational institutions and businesses in Australia to continue exploring investment chances in HCM City.
HCM City wishes to cooperate more comprehensively and intensively with Australian partners, he said, adding that it will keep working to improve the investment climate and assist investors.
Philippa King, Deputy CEO of the Australian Trade and Investment Commission (AUSTRADE), noted that Vietnam and Australia are enjoying sound trade, investment, and tourism ties boosted by their Enhanced Economic Engagement Strategy, signed in November 2021. On that basis, the two countries have succeeded in realising the common ambition of becoming one of the 10 biggest trading partners of each other within two years.
She perceived that Vietnam is one of the fastest growing economies in the region, making it extremely attractive to Australian investors.
AUSTRADE is implementing initiatives to assist Australian enterprises to further engage with Vietnam. It is also striving to establish an investment centre in HCM City and carry out the Southeast Asia Business Exchange to increase bilateral trade. A series of activities will also be held to improve awareness of business opportunities in Vietnam and across Southeast Asia, according to the official.
She added that AUSTRADE will lead a business delegation to Vietnam in June. They will focus on partnerships in cyber-security, financial technology, and agricultural technology and also introduce Australia’s technological capacity and cooperation chances.
After the meeting, Mai met with representatives of four major enterprises of New South Wales which are planning to invest in HCM City.
Most of them said Vietnam still holds much development potential and boasts a young population along with a well-trained and skillful workforce, which are factors encouraging their investment in the Southeast Asian country.
They shared the intention to coordinate with HCM City to develop social housing, science and higher education, rooftop solar power, renewable energy, fast charging stations, and electric vehicles, among others. Some also wanted to learn more about local incentives for investment in technology and smart city building.
The HCM City delegation is paying a working visit to Australia from May 12 to 18.
