AVPI Summary Paper: Enhancing trade and investment with a focus on the Visitor Economy, Mining, and Professional Services

In April 2024, the Australia Vietnam Policy Institute (AVPI) hosted a roundtable in Hanoi together with RMIT Vietnam as part of the AVPI’s second roundtable series.

Following announcements from Prime Minister Albanese and the Prime Minister of Vietnam, His Excellency Mr Phạm Minh Chính, on 7 March 2024, of a CSP with Vietnam, the roundtable discussions focused on how Australia can best realise the potential within the CSP framework with Vietnam. The landmark CSP will support expanded cooperation on climate, environment and energy, and digital transformation and innovation. It will continue building on established collaborations across defence and security, economic engagement and education.

This paper summarises the roundtable discussion and addresses the importance of the visitor economy, mining, and professional services to the bilateral relationship. Highlighting the experiences of the roundtable participants, the paper presents their views and recommendations for the CSP in these crucial sectors. It explores the growth of the visitor economy, the need for strategic partnerships and a supportive legislative environment, and how the professional services sector plays a pivotal role to the economy in Vietnam and Australia.

Key takeaways

• The EEES provides a framework for tighter coordination among key agencies. As the visitor economy shows potential for growth with rising tourism figures, the professional services and emerging sectors like critical minerals and clean energy technologies also offer lucrative opportunities for Australian businesses in Vietnam, underscoring the strategic and economic benefits of the CSP.
• Digital upskilling is crucial in mitigating the risks associated with automation, particularly job displacement.
• Advanced digital technologies will be key in enhancing productivity and giving Vietnamese companies a competitive edge in the global market.
• The services sector, particularly tourism, is crucial to the economy in Vietnam and Australia, contributing significantly to GDP and employment.
• Strategic partnerships and a conducive legislative environment are pivotal for the success of the Mining Equipment, Technology, and Services (METS) sector between Australia and Vietnam.
• Over the past two decades, Vietnam has significantly advanced its legislative framework to better support foreign investment, with notable progress at the provincial level, enhancing interactions with local authorities.