Ai Group has received a grant to deliver a program to boost business opportunities in Vietnam.
While Vietnam presents enormous growth potential for Australia, many small and regional businesses are missing out on opportunities owing to a lack of skills, knowledge, capability and practical advice.
Yet, Australian companies are well-received in Vietnam with education, agriculture and food exports all having a formidable reputation in the market.
They can also leverage Australia’s Free Trade Agreements (FTAs) with Vietnam for preferential treatment.
Vietnam’s own FTAs have enabled its economic development to shift away from exporting low-tech manufacturing products and primary goods to more complex high-tech or advanced manufacturing goods.
Shirley Ng, Ai Group’s National Manager – International Competitiveness, said long-term trade and investment opportunities should increase in line with Vietnam’s progress in implementing its trade commitments and administrative reform program.
“There is strong long-term growth in Australian exports, rising from $8 billion in 2020 to $10.8 billion in 2021, an increase of 36 per cent,” Ms Ng said.
“In addition, Vietnam has the fastest-growing middle and affluent class in the region, with young, optimistic consumers providing the right demographics for growth and receptivity to imported goods and services.”
The Ai Group Australia-Vietnam Business Engagement Program received funding from the Department of Foreign Affairs and Trade under the Australia-Vietnam Enhanced Economic Engagement Grant.
It will enable businesses to learn about Vietnam’s manufacturing capability to enhance their global supply and value chains.
“Vietnam is emerging as a global manufacturer and an attractive alternative for many Australian businesses looking for diversified centres of production and distribution,” Ms Ng said.
“By participating in the program, you will be able to build more resilient exports through market diversification to Vietnam, benefiting your business’ longer-term stability and growth.”
Participating businesses will have an opportunity to join the Trade Mission and Market Visit Program to Vietnam in March 2024.
All eligible businesses — not just Ai Group members — are encouraged to apply.
Click here for more information.
