In the pursuit of deepening economic relations between Tasmania and Vietnam, the spotlight turns to Tasmania's standout sectors: agritourism, education, renewable energy, and specialty foods.
The Australia Vietnam Policy Institute (AVPI) Tasmania Roundtables on 19 and 21 March 2024 were hosted in collaboration with the Tasmanian Department of State Growth in Launceston and Hobart as part of the AVPI’s second roundtable series.
Vietnam is a priority market for Tasmania, ranking alongside China, South Korea, Japan, Taiwan and the United States as a top destination for the State’s goods exports. Tasmania’s Trade Strategy 2019-2025 explicitly identifies Vietnam as a priority market, signifying a commitment to deepen and expand engagement in areas of mutual benefit. This strategic focus aims to enhance bilateral trade and explore new avenues for collaboration and investment.
The Launceston and Hobart roundtable discussions covered several key points: streamlining investment processes, enhancing educational exchanges, and tackling regulatory and tax hurdles to ease business engagements.
This summary paper highlights the experiences and priorities of the roundtable participants representing sectors as diverse as manufacturing, food and beverage, agriculture and workforce development in Tasmania. The key themes and emerging insights from the discussion are presented here to provide industry input into the ways we can best use the CSP to support greater two-way trade and investment.
Key Takeaways
- Tasmania must adopt a more strategic and targeted approach to promoting key sectors such as agritourism, renewable energy, and specialty foods to the Vietnamese market.
- For Australian investors into Vietnam, success in the Vietnamese market is heavily dependent on building strong personal relationships and understanding cultural nuances.
- Education partnerships continue to be a central theme. Educational exchanges and partnerships are strategic relationships that can catalyse broader economic and social benefits.
- Collaborative efforts among local governments, universities, and business councils are key to building and strengthening international relationships.
- There are significant and continued challenges related to the regulatory environment, tax issues, customs clearances and investment procedures that Tasmanian and Australian businesses face when entering the Vietnamese market.
