Australian Investment Is Very Important to Vietnam

12:39:56 PM | 11/1/2021

This statement was delivered by VCCI President Pham Tan Cong at the meeting and working session with the AusCham business delegation led by AusCham Vice President Jimmy Pham on October 27, 2021 at the Headquarters of the Vietnam Chamber of Commerce and Industry (VCCI).

According to the VCCI President, Australia is an important trade and investment market for Vietnam. Australian investors bring not only investment technology but also the business culture. With its role, VCCI will do its best to promote Vietnamese and Australian business relations to become more substantive and intensive.

The working visit aims to introduce some Australian businesses in Vietnam and it is hoped that the two sides will have a close connection to jointly promote the activities of Vietnamese businesses in Australia and Australian businesses in Vietnam.
Appreciating business cooperation between the two countries over the years, VCCI President Cong believed that, given business operations in Vietnam, Australian companies have contributed a lot to Vietnam's development as it is today. VCCI, representative of the business community, including both Vietnamese and foreign businesses in Vietnam, always supports businesses in Vietnam, including Australians.
With the update from the Australian Embassy, AusCham Vice President Jimmy Pham said that transport and logistics are attractive to Australia. He added that Australia has a strong network of businesses in these fields, which are seeking to connect and cooperate with Vietnamese partners in Australia and Australian firms in Vietnam.
Mr. David Whitehead, President of Mavin Vietnam Group, which produces animal feeds, said that the group has invested in some livestock farms, not only for the Vietnamese market but also for export. He expressed his desire to cooperate with VCCI and Vietnamese businesses to upgrade Vietnam-Australia cooperation.

Sharing the same view, Mr. Anthony Jolly, Managing Director of Midway Metals Vietnam, which manufactures high-end components for yachts and the marine industry, said, Vietnam is strong in shipbuilding. The presence of high-quality component manufacturers like Midway Metals help raise the image of Vietnam in the eyes of international investors and consumers.
Mr. Aaron Funnell, Managing Director of Outward Bound Vietnam and member of AusCham Board of Directors, hoped that education will continue to be a potential area of cooperation for Vietnam and Australia.
VCCI President Pham Tan Cong said that Australia’s investment is very important for Vietnam. He hoped that when Australian businesses invest in Vietnam, they not only bring technology but also the business culture. Vietnamese businesses need to go global and they need to learn the best from foreign partners and from global companies. Further, VCCI hoped that Vietnamese firms can learn from Australian partners and create the best cooperation values.
At the meeting, the business representative of the Vietnam - Australia Business Council (VABC), spoke highly of the Australian market to Australian businesses and said that their business performances are growing well in Australia. They hoped to have more cooperation opportunities with Australian partners.
Mr. Nguyen Manh Hung, Chairman of VABC, member of the Board of Directors of Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB), said that VCB is currently working to open a branch in Australia and will be the first bank of Vietnam to do so. VCB is seeking the opportunity to further strengthen its relationship with Australian companies.
Mr. Nguyen Anh Tuan, Deputy General Director of SOVICO Group, said that Australia is an important market, so SOVICO's airline Vietjet has a plan to open direct flights to some major cities of Australia to facilitate movement as well as trade in goods, trade and investment. “Due to the COVID pandemic, the plan was delayed but will be restarted in 2022," he said.
Mr. Ta Tien Dung, Vice Chairman of VABC, Head of Research and Development Department of Hoa Phat Group, informed Hoa Phat's iron ore mine projects in Northern Australia and expected to expand to South Australia. Hoa Phat strives to increase its imports from Australia by more than US$1 billion in the coming time.
Thus, businesses of both sides are very keen on promoting bilateral trade and investment ties to new highs. VCCI and AusCham leaders believed that Vietnamese and Australian businesses have many opportunities for cooperation and development.
On this occasion, Mr. Jimmy Pham also announced some outstanding activities of AusCham in 2020, including US$300,000 donation raised for hospitals and COVID treatment centers in Vietnam and an online Australian education seminar for more than 300 guests. AusCham has an "Emerging Leader" training fund dedicated to training Vietnamese employees in Australian companies to management levels.
Preparing to celebrate the 50th anniversary of Australia-Vietnam diplomatic relations, AusCham plans to organize some events and looks forward to receiving support and advice from VCCI for a successful celebration.
In response, VCCI President Pham Tan Cong affirmed that VCCI will support Australian companies in their business activities in Vietnam as well as support the celebration of the 50th diplomatic anniversary. 
At the end of the meeting, he emphasized: “VCCI always tries to help make the most favorable legal environment not only for Australian businesses but also for all foreign businesses investing in Vietnam. VCCI is currently chairing a high-level ‘think tank’ that advises the Government on a post-COVID economic recovery and development program.”

 By Thu Huyen, Vietnam Business Forum