This is the Australia-Vietnam Business Champions Recommendation Report to Government to help intensify commercial engagement between Australia and Vietnam.
Following a year of comprehensive consultation with industry and government across both Australia and Vietnam, we present a report that epitomises the discernible shift in the bilateral relationship to a stronger focus on trade and investment. It presents 15 practical recommendations on how both governments and industry can promote the uptake of opportunities in each other’s markets, streamline regulatory and investment frameworks, and improve the ease of doing business to increase two-way trade and investment.
The three Australian Business Champions have conducted a comprehensive private sector consultation around bilateral trade and investment. Australian business has dug deep and provided insights for both governments on business needs and what governments can do to help. The outcomes, presented in this report, are key to meeting the EEES goals and supporting the development of a Comprehensive Strategic Partnership.
Similarly, the three Vietnamese Business Champions have engaged with Vietnamese industry and government focused on areas of Australian opportunity outlined in the EEES. This engagement has provided Vietnamese perspectives on the bilateral relationship and led to the development of a set of recommendations for both governments to consider as a pathway to boosting two-way trade and investment.
Our report argues for a strong and singular approach to elevate focus on the commercial dimension in the bilateral relationship, commensurate with the significant potential opportunities for Australian and Vietnamese companies of all sizes if they can build the skills and readiness to engage.
These recommendations, although a great starting point, are only just the beginning and areas for further exploration have been identified. We look forward to this report being a catalyst for further conversation, collaboration and clarification as to how we can ensure this bilateral trade and investment relationship will continue to flourish in the future.
This report precedes the report by the former Macquarie Bank CEO, Australia’s Special Envoy for Southeast Asia Mr Nicholas Moore, on opportunities for Australian business in Southeast Asia to be delivered to the Albanese Government mid-year.
Acknowledgements
The AVPI acknowledges funding by the Australian Department of Foreign Affairs and Trade (DFAT) to support the AVPI and the inaugural Australian Business Champions to Vietnam across 2022-2023, through the Australia-Vietnam Enhanced Economic Engagement Grant Program (2021). RMIT University in Vietnam acknowledges funding by the Australian Embassy in Hanoi to support the inaugural Vietnamese Business Champions to Australia across 2022-2023, as well as support from the Vietnamese Ministry of Planning and Investment.
The inaugural Business Champions, with support from AVPI and RMIT Vietnam, commend this report to the Australian and Vietnamese Trade Ministers. The AVPI and RMIT Vietnam thank the Australian and Vietnamese Business Champions for their time and leadership in 2022 and thank every Australian and Vietnamese firm that shared their experiences or insights on the bilateral relationship and two-way commercial engagement. We thank AVPI Knowledge Partners, roundtable participants, key policy makers, and the AVPI Roundtable Policy Briefing team for their contributions.
