Deputy chairman of the city People’s Committee Tran Vinh Tuyen said that the event aims to facilitate HCMC businesses’ cooperation and connect with Australian firms, create a chance for HCMC to introduce its best products to consumers in Melbourne. In return, HCMC is also willing to receive products from Melbourne as well as Victoria and hopes that it will become an important trade partner of the city in the upcoming time.
Currently, Australia is the 8th important trade partners of Vietnam and HCMC has attracted lots of investors from the country. Since 1987 when the Foreign Investment Law was issued, Australia has invested in 197 projects in HCMC with the total investment capital of US$197.3 million. The country ranks 18th out of 107 nations and territories investing in HCMC, accounting for 2.2 percent of total FDI projects and 0.4 percent capital.
After ASEAN-Australia-New Zealand Free Trade Agreement took effect, the volume of goods exchange between HCMC and Australia has increased significantly. The bilateral trade turnover between HCMC and Australia reached $979 million in 2018, including $578.5 million export value from HCMC, a year on year increase of 2.72 percent.
In the first three months this year, the number hit $109.4 million. Major export items from HCMC to Australia include computers, electronic products and components, garment, footwear, machine and equipment.
Within the framework of the trade and investment promotion program and the Vietnamese Goods Day in Melbourne, HCMC will host many activities to boost the friendship and cooperation relationship between Vietnam, HCMC and Australia.
Of these, a workshop themed “Potential of Australian market-opportunity for Vietnamese goods” will be a bridge between businesses from Melbourne and HCMC. It is expected to attract 100-120 Vietnamese and Australian firms. At the event, businesses will sign Memorandum of Understandings on goods supply and distribution between HCMC and Australia.
On this occasion, HCMC leaders will meet Vietnamese Entrepreneurs Association in Australia and listen to reports on the establishment progress of HCMC trade and investment center in Melbourne and meet potential entrepreneurs in Australia.