Australian Investors Interested in Ho Chi Minh City

A business roundtable between Ho Chi Minh City and New South Wales state was held in Sydney, attracting representatives of over 150 Australian enterprises and investors, VNS reported Thursday.

Chairman of the HCM City People’s Committee Phan Van Mai introduced the potential and advantages of the southern largest economic hub of Vietnam, along with cooperation opportunities for Australian enterprises.

Chairman of the Ho Chi Minh City People's Committee Phan Van Mai paid a courtesy call on New South Wales Governor Margaret Beazley. Photo: Viet Nga/VOV-Australia.

He also highlighted the emerging areas the city is interested in, including science-technology, innovation, digital transformation and green growth, and called on educational institutions and businesses in Australia to continue exploring investment chances in HCM City.

HCM City wishes to cooperate more comprehensively and intensively with Australian partners, he said, adding that it will keep working to improve the investment climate and assist investors.

Representatives of more than 150 businesses in Australia’s New South Wales state said that they wanted to learn about investment opportunities in Ho Chi Minh City and the city's preferential policies.

Philippa King, Deputy CEO of the Australian Trade and Investment Commission (AUSTRADE), noted that Vietnam and Australia are enjoying sound trade, investment, and tourism ties boosted by their Enhanced Economic Engagement Strategy, signed in November 2021. On that basis, the two countries have succeeded in realizing the common ambition of becoming one of the 10 biggest trading partners of each other within two years.

She perceived that Vietnam is one of the fastest-growing economies in the region, making it extremely attractive to Australian investors.

Chairman of Ho Chi Minh City People's Committee Phan Van Mai meets with more than 150 New South Wales businesses. Source: SGGP

AUSTRADE is implementing initiatives to assist Australian enterprises to further engage with Vietnam. It is also striving to establish an investment center in HCM City and carry out the Southeast Asia Business Exchange to increase bilateral trade.

A series of activities will also be held to improve awareness of business opportunities in Vietnam and across Southeast Asia, according to the official.

She added that AUSTRADE will lead a business delegation to Vietnam in June. They will focus on partnerships in cyber-security, financial technology, and agricultural technology and also introduce Australia’s technological capacity and cooperation chances.

After the meeting, Mai met with representatives of four major enterprises of New South Wales which are planning to invest in HCM City.

Most of them said Vietnam still holds much development potential and boasts a young population along with a well-trained and skillful workforce, which are factors encouraging their investment in the Southeast Asian country.

They shared the intention to coordinate with HCM City to develop social housing, science and higher education, rooftop solar power, renewable energy, fast charging stations, and electric vehicles, among others. Some also wanted to learn more about local incentives for investment in technology and smart city building.

The HCM City delegation is paying a working visit to Australia from May 12 to 18.

Within the framework of the working visit to Sydney, the Chairman of the municipal People's Committee Phan Van Mai I attended a cultural and artistic program introducing Vietnam - Ho Chi Minh City tourism. The program is a part of the Vietnam Tourism Promotion Week- Ho Chi Minh City in Australia.

SGGP cited the Australian Bureau of Statistics’ figures showing that Vietnam has appeared in the top 10 destinations for people in this country after the first nine months of 2023. A report by the online flight booking platform Skyscanner in early November 2023 shows that HCM City is in the top 10 most sought-after destinations for Australian tourists, with a growth rate of 246% in the past year.

Skyscanner also forecasts that HCM City will be one of the top destinations for Australian tourists by 2024.

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