Experts gave the advice at a seminar in Ho Chi Minh City on September 30 jointly held by the Ho Chi Minh City Investment and Trade Promotion Centre (ITPC), the Australian Consulate-General in Ho Chi Minh City and the Australian Chamber of Commerce Vietnam (AusCham)

In his opening remarks, Le Anh Hoang, deputy director of ITPC, said the elevation of Vietnam-Australia relations to a Comprehensive Strategic Partnership in 2024, together with cooperation agreements between Ho Chi Minh City and the Australian states of Queensland, New South Wales and Victoria, has created greater scope for cooperation across a range of sectors.

Participants described Australia as a market with strong purchasing power and diverse demand for Vietnamese products, ranging from industrial goods, machinery and equipment to textiles and garments, footwear, wood products, agricultural products, seafood and processed foods.

To gain a stronger foothold in the market, they suggested that businesses go beyond improving competitiveness and product quality, and closely follow regulatory requirements, consumer trends and local distribution networks.

Organisers said the workshop was intended to help businesses move beyond identifying market potential and turn information into concrete business strategies.

This includes raising product standards, gaining a better understanding of free trade agreement rules of origin and adapting to Australia’s biosecurity and sustainability requirements.

The workshop also highlighted the importance of building a deeper understanding of the Australian market and developing products and business strategies that can meet its regulatory and consumer requirements.

Vietnam, Australia seek to expand trade, investment and supply chain cooperation

Vietnamese Minister of Industry and Trade Le Manh Hung and Australian Minister for Trade and Tourism Don Farrell discussed measures to boost trade and investment ties between the two countries during a meeting in Canberra on August 12.