Vietnamese Market Proving Appealing to Australian Businesses

At a recent conference, speakers discussed the potential for Australian businesses to increase their involvement in business investment in Vietnam.

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At a recent conference, Australian businesses showed significant interest in the Vietnamese market. They raised several inquiries regarding the business investment environment and state incentive policies for foreign investment.

The conference titled “Cockburn Global: Indonesia, Singapore and Vietnam” was recently held in Cockburn City.

The conference took place under the leadership of Cockburn City Council, in partnership with the Western Australian Chamber of Commerce and Industry, alongside three representative agencies from Vietnam, Indonesia, and Singapore in Western Australia.

Australian Businesses Expressed Great Interest in Vietnamese Market
The Cockburn Global conference offers rare access to the expertise and insights of the ASEAN government and business leaders who can help take Cockburn’s economy into the future.

Cockburn Global is an annual seminar organized by the Cockburn City Council. Its primary purpose is to provide support and guidance to local business owners who are interested in entering or expanding into the global market.

Building on the success of Cockburn’s Indonesia-focused Digital Exchange Forum in December and a subsequent trade delegation, the Cockburn Global Conference now extends its reach to include the primary export markets of Singapore and Vietnam.

The one-day event, held at the prestigious AMC Jakovich Function Centre, presented an invaluable opportunity for businesses operating within Cockburn’s prosperous industrial hubs to explore and cultivate bilateral trade and investment prospects. The event covered diverse sectors including health and medical, education and vocational training, sustainability, digital innovation, financial services, and the blue economy.

The conference commenced with a comprehensive introduction, followed by separate breakout sessions for each country. Each session was facilitated by representatives of Cockburn, the Chamber of Commerce, and notable industry experts from Vietnam, Indonesia, and Singapore.

Australian Businesses Expressed Great Interest in Vietnamese Market
Mayor Logan Howlett speaks at the event.

Three speakers from Vietnam attended the conference, including:

  • Bui Viet Khoi, Counselor for Science and Technology, Vietnamese Embassy in Australia
  • Vijay Kanapathy, Chief Representative of FPT Office in Western Australia
  • Ngo The Viet, Retail Market Manager, Vietnam Airlines Office in Sydney

During his speech at the conference, Daniel Simms, the CEO of Cockburn, emphasized the importance of the Cockburn Global Conference. He highlighted how it offers local businesses a unique opportunity to directly engage with experts, government officials from ASEAN countries, and influential business leaders. Simms also mentioned that attending the conference equips businesses with valuable knowledge and resources to support their growth and success.

Simms emphasized that the Association of Southeast Asian Nations (ASEAN), including Indonesia, Singapore, and Vietnam, is projected to become the fourth-largest global economy by 2050. Additionally, the city of Cockburn has generated almost $6 billion in domestic and international exports.

With its abundance of natural resources, world-class industry, and advanced infrastructure and innovation, Cockburn City sees tremendous potential in connecting with ASEAN countries, such as Vietnam, Indonesia, and Singapore. This presents a great opportunity for the city to cultivate new economic growth and drive its development in the future.

The Cockburn Global conference is a crucial milestone in furthering the city’s connections with the three dominant economies in Southeast Asia, namely Vietnam, Indonesia, and Singapore. Mayor Logan Howlett emphasizes the importance of this event in alignment with the increasing interest of the Federal and Western Australian governments to foster engagements with Asia.

Australian Businesses Expressed Great Interest in Vietnamese Market
The Consul General of Vietnam, Consul General of Indonesia, and representative of the Singapore Embassy took photos with Congressman David Scaife, Mayor Logan Howlett, and Cockburn CEO Daniel Simms.

Vietnamese Consul General in Perth, Nguyen Thanh Ha, emphasized the strong cooperative relationship between Vietnam and Australia, particularly the noteworthy achievements in economic, trade, and investment cooperation.

Accordingly, two-way trade is expected to experience significant growth, with a projected record of AUD 15.7 billion in 2022. Australia holds the position of being Vietnam’s 7th largest trading partner, while Vietnam holds the position of being Australia’s 10th largest trading partner.

The Consul General, Nguyen Thanh Ha, expressed that the current conditions in Vietnam, including sustained growth, a stable macroeconomy, and ongoing improvements to the legal framework for business investment, present an opportune moment for Australian companies wishing to expand their business investment activities in Vietnam.

The Vietnam discussion session witnessed the active participation of over 50 local businesses. Distinguished Vietnamese speakers shed light on various aspects including Vietnam’s investment climate, bilateral trade relations with Australia, collaborative prospects in science and technology, as well as investment opportunities in digital transformation.

Australian businesses are showing significant interest in the Vietnamese market. They have raised several questions regarding the business investment environment and state incentive policies for foreign investment. Especially, they are interested in sectors such as investment and business, education and training services, medicine, health care, and renewable energy conversion.

Cockburn is a city located south of Perth, spanning across an area of 167.5 thousand square kilometers. With a population of 104 thousand people, Cockburn boasts a thriving economy that centers around manufacturing industries, seaports, construction, and mining.

Cockburn’s industries play a vital role in the southwest region of Perth, generating 30% of the jobs and contributing nearly USD 126 billion in exports. Notably, it is also the home to the Australian Maritime Complex (AMC), a renowned defense industrial hub and a USD 15 billion maritime infrastructure cluster.

Hannah Nguyen