MoIT hosts Vietnam-Australia Business Forum in Melbourne

The event gathered Ambassador Pham Hung Tam, heads of MoIT units, representatives of Vietnam’s diplomatic missions and Trade Office in Australia, senior leaders of the Vietnam Electricity Group (EVN), the Vietnam National Coal and Mineral Industries Group (TKV), together with major Vietnamese corporations and enterprises.

Also attending were leaders of the Vietnamese Business Association in Australia, the Vietnam-Australia Logistics and Investment Association, the Melbourne Young Entrepreneurs Club, along with a large number of business leaders, intellectuals, experts, and representatives of trade and industry associations within the Vietnamese community living, working and doing business in Australia.

Vietnamese firms see expanding opportunities in the Australian market

Speaking at the forum, Ambassador Pham Hung Tam noted that the event reflects the attention of the MoIT in particular and the Government in general to the Vietnamese business community and overseas nationals in Australia, one of the largest communities of overseas Vietnamese entrepreneurs worldwide.

He said bilateral relations are now at their strongest, especially since the two countries upgraded ties to a Comprehensive Strategic Partnership in March 2024. The implementation of the 2024-2027 Action Program has provided a solid foundation for cooperation across all sectors, including trade, investment and tourism.

“To date, the two sides have coordinated to implement, complete or carry out on schedule 96% of the 180 action lines in the program, of which 40% relate directly to trade, investment and economic cooperation,” Ambassador Tam said.

In political cooperation, the two countries maintain high trust and regular high-level exchanges. Both sides aim to soon raise bilateral trade turnover to USD 20 billion. More Vietnamese localities and enterprises are showing interest in investing and doing business in Australia.

Conversely, the Australian Government is actively promoting its Southeast Asia Economic Strategy to 2040 and its enhanced economic engagement agenda with Vietnam.

The Ambassador expressed confidence that Vietnam-Australia relations are at their best-ever stage. With strong support from both governments and business communities, bilateral economic, trade and investment cooperation will continue to grow robustly in the coming years.

Vietnam improves its business environmentAt the forum, Nguyen Van Hoi, Director of the Institute for Industry and Trade Strategy and Policy, presented an overview of Vietnam’s business environment.

He noted that Vietnam has been accelerating institutional and administrative reforms, reorganising government structures, decentralising authority to localities, and narrowing the gap between state agencies, citizens and businesses.

Important resolutions by the Party Central Committee and the Politburo have been issued to remove obstacles, strengthen the linkage between business activities and state management, and facilitate both domestic and foreign investors. These include resolutions on e-commerce, the national energy development strategy, industrialisation and modernisation, and science-technology and innovation.

“These resolutions provide the foundation for developing laws, strategies, master plans and action programs that ensure a transparent, stable and predictable investment environment aligned with Vietnam’s international commitments,” Nguyen Van Hoi said.

Several associations and enterprises from both countries presented trade and investment promotion activities and highlighted two-way cooperation potential.

Tran Ba Phuc, Chairman of the Vietnamese Business Association in Australia, said the USD 20 billion trade target is fully achievable thanks to strong government trust, the role of overseas Vietnamese entrepreneurs, rising demand for Vietnamese goods and increasing reverse investment flows. Resolution 68 on private sector development is considered a key driver that encourages overseas Vietnamese entrepreneurs to confidently invest back home.

Vietnamese young entrepreneurs in Australia,well-trained and deeply knowledgeable about the Vietnamese market—are becoming an important force in advancing bilateral trade. Do Gia Thang, head of the Melbourne Young Entrepreneurs Club, noted that despite rapid growth, trade and investment remain modest. Australian investment into Vietnam over the past five years has been only around USD 2 billion. He proposed enhancing access to aggregated information and adopting sandbox mechanisms to support trials of new technologies.

Vietnamese enterprises such as KQ Trading and Australia Blockchain have been exporting OCOP products and applying AI, blockchain and traceability solutions to enhance brand credibility and expand Vietnam-Australia trade. Businesses expressed hope for stronger support from both governments to promote bilateral trade, adopt new technologies and ensure product quality.

Strengthening cooperation and connectivity among Vietnamese entrepreneurs in Australia

In his concluding remarks, Minister Nguyen Hong Dien affirmed that the forum fulfilled its agenda with 11 insightful and constructive presentations and discussions. Participants offered deep, candid and responsible viewpoints aimed at strengthening business linkages at home and abroad and contributing to national development.

On behalf of the Government and the MoIT, Minister Dien expressed gratitude for the community’s strong attachment to the homeland, their creativity and sense of responsibility. Their comments reflected real business conditions in Australia, the aspirations of Vietnamese entrepreneurs, and recommendations to enhance their role and standing in the market. They also proposed mechanisms and policies to strengthen ties with domestic businesses and contribute to Vietnam’s economic development.

The minister emphasised that the overseas Vietnamese business community is united, patriotic, and strong in capital, technology and expertise. The Vietnamese community in Australia, with more than 370,000 people and thousands of entrepreneurs, serves as a vital bridge and strategic resource for national development and bilateral cooperation. These are successful businesspeople who carry a deep desire to contribute both to the host country and to Vietnam.

He expressed confidence that with unity, creativity and responsibility, the outcomes of the forum would translate into practical contributions to Vietnam’s socio-economic goals to 2030, with a vision to 2045.

Minister outlines key directionsTo effectively follow up on the forum’s outcomes, Minister Dien outlined several key directions:

First, the Party and State always attach great importance to overseas Vietnamese affairs, particularly overseas entrepreneurs. Politburo Resolution 36 (March 26, 2004) affirms that overseas Vietnamese are an inseparable part of the Vietnamese nation and an important resource strengthening cooperation between Vietnam and other countries.

On December 31, 2021, the Government issued Resolution 169 on its action program to advance the implementation of Resolution 36, Directive 45 and Conclusion 12 on overseas Vietnamese affairs for 2021-2026.

He called on Vietnam’s diplomatic missions in Australia to further strengthen connections, listen to the community’s opinions and proposals, and promote stronger engagement between overseas Vietnamese and domestic enterprises. This would help mobilise greater contributions from the Vietnamese diaspora to Vietnam’s socio-economic development.

Second, he encouraged the Vietnamese community in Australia, especially entrepreneurs, to provide regular input to the Government on economic policy, including digital-economy development, green transition, startup support and innovation. He urged them to continue to play a pioneering role in investing in Vietnam, particularly in high-tech, clean energy and digital agriculture.

He also called for stronger technology transfer to Vietnam, especially in foundational sectors such as new materials, precision engineering, chemicals, semiconductor technologies, AI and digital technologies.

He emphasised the need to expand networking and knowledge-sharing with domestic businesses through online platforms and regular events, and to actively promote Vietnam’s modern and dynamic image in Australian business forums.

He proposed building a network of young overseas Vietnamese entrepreneurs, encouraging second-and third-generation leaders to participate to ensure continuity and sustainable development of the community.

Minister Dien instructed MoIT’s Department for Foreign Market Development and the Task Force on Overseas Vietnamese Entrepreneurs to work with overseas diplomatic missions to organise regular forums, compile feedback from overseas entrepreneurs for policy recommendations, and accelerate the development of a database of Vietnamese entrepreneurs in Australia and worldwide.

He stressed that meeting Vietnamese entrepreneurs in Australia is a valuable opportunity and noted that the forum would be even more effective with the participation of local Australian businesses. He therefore recommended inviting Australian enterprises to future events to enhance interaction and turn discussions into tangible outcomes.