This is the fourth report in our series of AVPI Policy Briefings detailing the discussions had at the Australia Vietnam Business Champion Roundtable in Brisbane on 17 August 2022.
The Brisbane Business Champions Roundtable on 17 August 2022 was organised by the Australia Vietnam Policy Institute (AVPI) in collaboration with Trade and Investment Queensland (TIQ), as part of AVPI’s sectoral policy dialogues. Hosted by Martin Bean, CEO, The Bean Centre and former Vice Chancellor, RMIT University, this Roundtable brought together 18 participants and four observers from the agriculture, transport, digital economy, education, tourism, research, and government sectors.
The Roundtable brought cross-sectoral leaders together to discuss the opportunities that Vietnam presents, where there may be challenges and what common foundations from which different industries can work together to invest and trade in Vietnam and attract new opportunities from Vietnamese investors into Australia. The key themes explored in this paper build on the conversations at the event, forming insights for both Australian and Vietnamese business and government bodies.
The report highlights a need for Australian businesses to establish and in-country presence, to overcome cultural and linguistic barriers and better navigate legislative and regulatory processes, along with hiring staff with cultural and language fluency in mind to assist in building lasting. positive economic relationships. The report also recommends that Australian businesses carefully consider their price points and setting a lower price point that is increased over time will allow for Vietnamese consumers to develop trust in the product or service and better understand its value.
As for the Australian Government, Brisbane participants highlight a need for Australia to invest in Industry 4.0 capacity building to remain an attractive investment and collaboration option in a competitive market, continue to investment in soft power initiatives and ensure there is consistent messaging to emphasise Vietnam’s rising consumer class and future high-income country status.
Equally, the Vietnamese Government is also encouraged to further their investment into soft power initiatives and then streamline investment pathways in Vietnam. Providing in-country advisors will provide an opportunity to offer complementary services to third-party professional services firms to enable foreign owned companies and those with significant FDI interests in Vietnam to establish themselves in market.