The Australian Chamber of Commerce in Vietnam (AusCham) and the Australian Federal Government, represented by the Department of Foreign Affairs & Trade (DFAT), signed an agreement on Monday to launch the Australian Industry Hub in Vietnam.
The three-year agreement between AusCham and DFAT provides AusCham with A$1 million (US$681,000) to set up, run, and manage the industry hub, which is designed to assist in delivering market access across Vietnam to Australian industry groups in food, fiber, and forestry.
The hub will assist Australian industry bodies to access Vietnamese industry groups for increasing bilateral trade and investment between Australia and Vietnam to help them become top ten trade partners and double two-way investment, in line with the Australia-Vietnam Enhanced Economic Engagement Strategy (EEES) agreed upon by the two countries in 2019 and in action since early 2022.
In particular, it will enable selected agricultural industries to establish a physical presence in Vietnam, helping to further boost in-market engagement activities.
The center will also partner with industry associations and peak bodies in Australia with a demonstrated interest in Vietnam as a new or expanding market for their sectors.
The hub is expected to drive further commodity exports from Australia to Vietnam and increase trade and investment.
For the Vietnam Chamber of Commerce and Industry (VCCI), there will be opportunities to introduce Vietnamese companies to the Australian supply chain and chances to introduce business enquiries to Vietnamese companies.
The establishment of the hub also means more opportunities for existing AusCham members in many sectors.