Ho Chi Minh City promotes trade, investment in Australia

The event, held by the city’s Investment and Trade Promotion Centre (ITPC), was attended by Vietnamese Consul General to Sydney Hoang Minh Son, representatives from the Australia-Vietnam Business Council and Vietnamese and Australian investors in services, tourism, accommodation and real estate.

In his opening remarks, Mr. Son said that Vietnam and Australia have become important trade partners, with bilateral trade doubling to 6 billion USD in 2017 from 3 billion USD in 2007.

Both sides boast huge potential for bilateral cooperation, he said, stressing that Ho Chi Minh City will become an attractive destination for Australian investors.

He noted that the Vietnamese Government and diplomatic agencies in Australia create favourable conditions for ties between businesses and authorities of the two countries. The conference served as a venue for enterprises from both sides to seek cooperation opportunities, he stated.

For his part, ITPC Director Pham Thiet Hoa said that the city was the most attractive destination in the country for foreign investment in 2016 with 836 new projects worth 3.42 billion USD, 14 percent of the nation’s total investment. In the first nine months of 2017, the city continued to lead cities and provinces nationwide in foreign direct investment with total registered capital of 3.74 billion USD, he said.

The southern hub is working to improve administrative procedures, issue new laws, give out initiatives and improve infrastructure to lure foreign investment, he emphasised, adding that the city is prioritising investment in mechanics, information and technology, pharmaceutical chemistry and food processing.

Australian businesses’ queries on investment procedures, preferential policies and measures to promote tourism were responded at the conference.

Similar promotion conferences will be held in Melbourne and New Zealand.