Vietnam faces opportunities from Australia's Southeast Asia Economic Strategy

After a year of Australia implementing the Southeast Asia Economic Strategy to 2040, Ms. Louise Adams, Australian government representative promoting investment in Vietnam, talked with Ho Chi Minh City press about what has been achieved in the past year.

Australian business delegation learns about rice processing at SunRice factory in Dong Thap province

“Over the past year, we have been building momentum for the Southeast Asia Economic Strategy 2040,” said Ms. Adams, adding that she is extremely optimistic about the results that lie ahead in Vietnam and the region.

Strengthening the promotion of investment cooperation opportunities

Ms. Louise Adams, Australian Pioneer Entrepreneur in Vietnam and member of the Advisory Board of the ASEAN-Australia Center, said that in June she co-led a delegation of Australian businesses to visit and promote cooperation and investment opportunities in Vietnam.

According to her, the working trip focuses especially on the digital technology sector, with the participation of financial technology (Fintech), education technology, agricultural technology and a number of cybersecurity organizations.

"Thanks to the Australian government's commitment to its trade promotion strategy with Vietnam, we (Australian businesses) have detected a strong increase in interest from companies/organizations in the above fields in Vietnam," said Ms. Adams.

In addition, she said the trip also opened up opportunities for further cooperation in priority areas such as energy transition, green economy, education, and agriculture. "Opportunities are expanding in the agricultural sector, not just in digital agriculture but in the broader agricultural environment, and then digital transformation," said the pioneering Australian businesswoman.

According to her, the trip showed the importance of increasing contact between business delegations and spending more time building these bilateral relationships.

While there is still much to be done, what she is particularly pleased about in Vietnam is that businesses have received a commitment of full support from both the Australian and Vietnamese governments in helping them quickly overcome issues that may cause obstacles, or where companies encounter difficulties when operating in the different legal environments that exist between the two countries.

“We have government and industry commitment, as well as agencies that are designed to help businesses bridge those gaps at a pace perhaps faster than before. So I am very optimistic about this strategy, and I am very optimistic about Australia’s relationship with ASEAN countries, especially in relation to Vietnam,” said the member of the ASEAN-Australia Centre Advisory Board.

Farmers participate in the project 'Transforming Rice Value Chain to Respond to Climate Change and Sustainable Development in the Mekong Delta' in Dong Thap province

Explore new elements in priority areas

Ms Adams also spoke about new elements in traditional priority areas of cooperation such as agriculture and food, resources, green energy transition, education and skills.

For example, in addition to strong links in the higher education sector, reflected in the number of Vietnamese students studying in Australia, she mentioned the trend of Australian education brands coming to the region and intending to invest in building schools locally.

In addition, the Australian government also supports Vietnam in building its own educational framework, higher education framework and strengthening local higher education capacity.

As for agriculture, in addition to traditional cooperation in this field, Australia and Vietnam also face new challenges, including the impact of climate change and food security issues.

“I think both Vietnam and Australia face similar challenges around food security at the national level due to the impacts of climate change,” said Adams, particularly in the Mekong Delta region. Both sides are conducting a number of studies aimed at increasing the resilience of rice plants to changing environmental conditions.

And resources are a key input for clean energy initiatives. Economies need resources to achieve their ambitions in this area. “Australia and ASEAN members have many opportunities to collaborate on key minerals,” she said.

Ms. Louise Adams, Australian Entrepreneur in Vietnam and member of the ASEAN-Australia Centre Advisory Board

Tips for Australian businesses wanting to invest in Vietnam

In addition to her dual roles as an Australian Entrepreneur in Vietnam and a member of the ASEAN-Australia Centre Advisory Board, Ms Adams is primarily a businesswoman with a successful career spanning over 25 years. She is the CEO of Aurecon, a consulting, engineering and design company, which has been present in Vietnam since 1991.

Sharing her experience of success in Vietnam, she said one of them is "building relationships". "You need to come to Vietnam, invest time to meet people and build trust," said Ms. Adams, adding that many business relationships in Vietnam and Southeast Asia are built on a foundation of mutual trust.

The next tip is for Australian businesses to think very carefully about how they view the region from a return on investment perspective. “The idea that you can bring an Australian company into Southeast Asia and make a quick buck is unrealistic. So what is your medium- to long-term vision? And how do you view your investment in the region in the medium- to long-term?” she stressed.

The final piece of advice is that Australian and Vietnamese businessmen can seize the opportunity to learn about the investment environment in their respective countries through the mechanisms being implemented by the governments of both countries. Learning based on these mechanisms will help businesses know the steps to take, the requirements/standards to meet, what kind of licenses are needed, etc.

Ms. Adams shared that she tries to visit Southeast Asia about 3-4 times a year, investing time in the region and meeting with partners to strengthen business relationships.

Low-cost, highly efficient shrimp farming model of Australian enterprise in Mekong Delta

One year of strategy implementation

According to information from the Australian diplomatic mission in Vietnam, Australia has sent more than 220 business delegations to Southeast Asian countries to seek investment opportunities over the past year. VNA quoted Australian Prime Minister Anthony Albanese at the 44th and 45th ASEAN Summits and related conferences held in Vientiane (Laos) in October as saying that the value of Australia's direct investment in the region has increased by over 1 billion AUD with the effective support of 3 newly established or preparing-to-be-established investment promotion centers in Ho Chi Minh City, Jakarta (Indonesia) and Singapore. Australia also awarded 130 scholarships to the region, implemented a Mekong Sub-region Support Package worth 22.5 million AUD and increased the visa duration for ASEAN businesses from 3 to 5 years.

Source: https://thanhnien.vn/viet-nam-truoc-co-hoi-den-tu-chien-luoc-kinh-te-dong-nam-a-cua-uc-185241130114353217.htm