Ho Chi Minh City (VNS/VNA) – The Australia–Vietnam Policy Institute Forum was held in Ho Chi Minh City on August 25, bringing together policymakers, businesses, and organisations for discussing how the business communities of Australia and Vietnam can build stronger connections.
With the theme “Harnessing Australia–Vietnam Trade and Investment to Support Vietnam's Rapid Growth Agenda”, the event was organised by the institute with support from the Australian Government among others.
Kate Wallance, Australian Consul-General in Ho Chi Minh City, said Vietnam has become one of Southeast Asia's fastest-growing economies with growth of 8% in 2025.
Wallance highlighted the country's shift towards innovation-led growth and said she was impressed by how the business community, government, and wider society had mobilised to support an innovation-led economy.
The diplomat also noted that Vietnam's economic growth had not come at the expense of sustainability.
Through the directions set out in Resolution 10, the country is increasingly focused on the quality of growth, seeking high-quality investment that supports innovation, skills development, and technology transfer, strengthens national resilience, and delivers tangible benefits for its people.
The strength of Vietnam's enabling environment is also an advantage as the Government implements policies to attract foreign capital and position the country among the top investment destinations in ASEAN, she added.
However, sustained economic growth requires international partnerships and access to patient, long-term foreign capital, she said.
Australia wants to be a trusted, long-term economic partner for Vietnam, she said.
The Australian Government has set out its vision in two policy documents, including the Australia–Vietnam Comprehensive Strategic Partnership, which centres economic engagement across areas including climate, the environment, energy, science, technology, innovation and digital transformation.
Australia's Southeast Asia Economic Strategy to 2040 also outlines plans to strengthen Australia's trade and investment links with the region.
Modern Australia and modern Vietnam share several similarities, including an entrepreneurial spirit, an interest in a prosperous Southeast Asian region, and significant goodwill rooted in people-to-people ties.
“Australia is ready to work with Vietnam. We bring our capital, our capability and our commitment to long-term partnership. Together, we can help create a dynamic, innovative and resilient economic future for Vietnam and the region,” the Australian Consul General added.
Nguyen Loc Ha, Standing Vice Chairman of the Ho Chi Minh City People's Committee, said that during General Secretary of the Communist Party of Vietnam Central Committee and President To Lam's state visit to Australia from August 9–12, the two countries' leaders had reaffirmed the Australia–Vietnam Comprehensive Strategic Partnership, with key priorities including the economy, trade, investment, and science, technology and innovation.
Ho Chi Minh City has established friendly and cooperative relations with five Australian states and territories, including Queensland, the Northern Territory, New South Wales, Victoria, and Western Australia, he said.
He also mentioned that on August 24, the 16th National Assembly passed the Urban Development Law, creating a stable, breakthrough and feasible legal framework for the development of cities and special economic zones, with Ho Chi Minh City serving as a hub.
This provides an important foundation for the city to continue improving mechanisms and policies suited to its new development space, effectively mobilise social and international resources, and create more favourable conditions for investment, innovation and urban infrastructure development, he added.
Ha also believed this would also help Ho Chi Minh City deepen economic cooperation and open up new opportunities for collaboration with Australia.
Peggy Neal AO, Australia's Business Champion to Vietnam, AVPI Advisory Board Member and Chancellor of RMIT University, said the two countries' trade and investment relationship, while strong, had not reached its full potential.
As Business Champion, she said her priorities focused on three areas: increasing two-way investment to support Vietnam's rapid economic growth agenda, supporting regional collaboration ahead of Vietnam hosting APEC next year, and strengthening people-to-people connections between the two countries.
She also reaffirmed her belief in the opportunities ahead for Vietnamese and Australian businesses to better understand each other and share expertise, investment and ambition, ensuring that the relationship is not only commercially successful but genuinely mutually beneficial./.
VNA
