A Path to Viet Nam: Opportunities and Market Insights for Australian Business

Australia and Viet Nam are natural economic partners. Viet Nam is a dynamic and rapidly-growing market, and one of Australia’s fastest growing trading partnerships. Viet Nam’s economic growth over three decades, large and mobile talent pool, consistent economic reform, embrace of digital economy and skilled COVID-19 management have put the country in good shape.

The time for Australian businesses to consider Viet Nam as the next phase of their growth strategy is now.

Asia Society Australia and The Australian APEC Study Centre at RMIT University, supported by the Victorian Government, have developed the ‘A Path to Viet Nam’ report to raise awareness of business opportunities and show pathways for Australian companies to succeed in Viet Nam.

Key takeaways

1. Viet Nam is a perfect economic partner for Australia, as both nations have complimentary economic systems and seek diversification of their trading partnerships, amidst weakening global economy and geopolitical tensions
2. Viet Nam has emerged from the COVID-19 crisis better than most countries in the world and has maintained positive economic growth as a result of proactive management of the pandemic
3. Australia and Viet Nam have elevated their government-to-government relationship to the highest level creating a favourable environment for businesses in both nations to engage and generate commercial outcomes
4. Viet Nam has a unique and fast-paced market, and a vastly different political system requiring businesses to have comprehensive, long-term and tailored entry strategies, based on local knowledge, competitive advantage and due diligence
5. Significant opportunities for Australian businesses exist in agriculture, mining and resources, education and ICT services, and Industry 4.0
6. Australian businesses can leverage a thriving bilateral eco-system of relationships to support their efforts in Viet Nam

The report provides Australian business with market insights on the products, services and sectors that offer the most viable opportunities in Viet Nam. It provides recommendations for entry strategies, practical advice and case studies of successful Australian ventures in Viet Nam.

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‘A Path to Viet Nam: Opportunities and market insights for Australian business’
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An initiative of

Contributors

Project Supervisors

The Hon. Dr Craig Emerson, Director, The Australian APEC Study Centre
Bonnie Rivendell, Program Director, Director, The Australian APEC Study Centre

Advisory

Layton Pike, Chief Global Advisor, RMIT and Deputy Chair of Australia Viet Nam Young Leadership Dialogue (chair)
Philipp Ivanov, CEO, Asia Society Australia
Professor Mathews Nkhoma, Dean, School of Business and Management, RMIT University Viet Nam
Phillip Dowler OAM, Head of Campus, Hanoi, RMIT University Viet Nam
Duong Hong Loan, Director, Strategic Relations, RMIT University Viet Nam
Associate Professor Ngan Collins, Associate Professor Business, RMIT University
Professor Peter Coloe, Deputy Vice-Chancellor Global Development, Vice President RMIT University and Chairman RMIT University Viet Nam

Research Team

Aaron Soans, Senior Advisor, Research, Director, The Australian APEC Study Centre
Kate Parker, Consultant (Public Policy, Government Relations, MFP Management)
Kristen Bondietti, Senior Trade Specialist, The Australian APEC Study Centre, and Director, Trade Agreement, ITS Global
Jon Berry, Director, Market Access, ITS Global
Khalil Hegarty, Director Policy, ITS Global
Dr Panogiotis Piperopoulos, Associate Professor in Management, Director, MBA Programs, RMIT University
Dr Kendall Herbert, Lecturer | HDR Coordinator, Graduate School of Business & Law, RMIT University
Linh Luong, Project Coordinator, Office of DVC Global Development & Vice President, RMIT University
Dr Linh Nguyen, Lecturer in Department of Economics and Finance, RMIT University
Sally Parkes McClay, Project Officer, The Australian APEC Study Centre
Rachel Bennet, Communications and Research Assistant, The Australian APEC Study Centre
Kevin Nguyen, Administrative Officer, The Australian APEC Study Centre

Editor

Greg Earl

Industry Liaison

Andrew Deane, Associate Director, Development & Partnerships, Asia Society Australia