Illustrative photo (Source: https://asiasociety.org/)Sydney (VNA) – Vietnam is a perfect economicpartner for Australia, said a joint report by Asia Society Australia and theAustralian APEC Study Centre at RMIT University.
Supported by the Australian state of Victoria’s Government, the“A Path to Vietnam” report aimed to raise awareness of business opportunitiesand show pathways for Australian companies to succeed in Vietnam.
The findings from this report show Vietnam is a standoutoption for Australian businesses to consider as a market for goods and servicesand business investment.
The market will help Australia capitalise on economiccomplementarities and diversify supply chains.
The report said Vietnam, a densely populated, developing andurbanizing country, is rapidly transitioning to an industrial and market-basedeconomy through trade and investment and is making strides to position itselfto thrive in the Fourth Industrial Revolution (Industry 4.0).
It pointed to great opportunities available in Vietnam forAustralian goods like beef, grains, cotton, horticulture and processed foods;resources like mining, minerals, and metals; services in education, ICT,insurance, environmental and health; and Industry 4.0-related sectors ofFintech, Agtech, Healthtech, Edtech, logistics, IT services, and digital skills.
According to the report, Vietnam always welcomes Australianfirms, with Australian brands highly evaluated. Currently, the two nations areboth working on Enhanced Economic Strategies to meet a joint ambition to becometop ten trading partners of each other and doubling investment in each other.
At his trip to Vietnam last year Australian Prime MinisterScott Morrison said: “We’re at a sweet spot in our partnership. […] The capacityfor Australia and Vietnam to work even more closely together is enormous. Ourpartnership is full of potential. It’s full of opportunities.”/.
VNA
