Vietnam market overview

With a young population projected to grow from 98 million to 120 million by 2050, growing wealth, changing consumer attitudes and urbanisation, Vietnam is the Association of Southeast Asian Nations (ASEAN), strongest performer.

Vietnam is increasingly an important alternative Asian hub for manufacturing, investment, and trade.

According to the World Bank, Vietnam’s GDP expanded by 2.8% in 2020 and continues to describe the country as one of the most dynamic emerging countries in the region. Vietnam has a very stable socio-political environment with an increasingly deregulated business environment and has significantly improved the ease of doing business index in the past years currently ranked 70th.

Energy security remains the key economic priority of the Vietnamese Government with close to $200 billion in energy infrastructure investment over the coming decade to meet its growing power needs.

Vietnam has implemented the National Green Growth Strategy for 2021–2030 to facilitate transition to a green and carbon neutral economy. The government aims to reduce greenhouse gas emissions per GDP at least 15% by 2030.

Key Vietnamese market priorities include energy security, green economy, manufacturing base and innovation engagement.

The bilateral relationship between Vietnam and Australia will strengthen through new bilateral commitments across economic, security and innovation engagement.

Vietnam proactively participates in various Free Trade Agreements (FTAs), showing its rapid integration in the global economy. The FTAs have further boosted international trade and foreign investment into Vietnam. Although Australia and Vietnam do not have a bilateral FTA, there are several regional agreements that both countries are participants in such as the Regional Comprehensive Economic Partnership, Comprehensive Progressive Trans-Pacific Partnership, and the ASEAN Australia–New Zealand FTA.

Queensland and Vietnam

Vietnam is Queensland’s fifth largest export market valued at $2.7 billion.

Vietnam offers opportunities for Queensland companies, particularly in food and beverage, technology, energy, and education, to meet a growing consumer demand for quality products, that will allow Vietnam to leapfrog current socio-economic issues. Vietnam is one of the countries that are active in embracing Industry 4.0 across all sectors.

Current

• Processed food, horticulture, and agricultural technology
• Education and skills training
• Digital technologies and services
• Renewable energy

Long term

• Renewable energy technology
• Software technology
• Electric vehicle infrastructure and battery storage
• Aged care

Resources

Asialink Business, Vietnam Country Starter Pack

Asia Society, A Path to Vietnam – Opportunities and Market Insights for Australian Business

Austrade, Market Profile Vietnam

Austrade, Market Information Package for Australian education institutions

DFAT, Market Insights Vietnam

Read More

Vietjet has announced the first direct route connecting Ho Chi Minh City (HCMC) and Brisbane (Australia) under the witnesses of Vietnamese Prime Minister Pham Minh Chinh and Australian Prime Minister Anthony Albanese, and representatives of leaders, enterprises and people of the two countries.

After Melbourne and Sydney, Brisbane is the third city of the beautiful country Australia that Vietjet has operated direct flights, it’s also the first route connecting Vietnam to Brisbane and Queensland state. Right at the Australian Prime Minister Anthony Albanese’s official visit to Vietnam and the 50th Anniversary of diplomatic relation of Vietnam and Australia, Vietjet has announced official launching of Ho Chi Minh City – Brisbane on June 16, 2023 with 2 return flights per week on wide-body A330 modern aircraft, which will contribute to promote the trade between Vietnam and Brisbane, Queensland state and Australia in general, together with further develop bilateral relations in future.

Australian Prime Minister Anthony Albanese said at the ceremony: “I am especially pleased to acknowledge today the announcements by Vietjet of increased direct flights to Australian capitals. And in the case of Vietjet, direct flights, for the first time, to beautiful Brisbane in the leadup to its hosting the Olympics in 2032, of course.”

The new route will shorten the traveling time and create favourable conditions for people and tourists to fly between “The city named after Uncle Ho”, Vietnam’s leading economic and cultural center and Brisbane, the third largest city, also known as New York city of the Land of Kangaroo. Vietjet offers customers good flying experiences with variety of utilities, a wide choice of SkyBoss Business, SkyBoss, Deluxe, Eco ticket classes, and culinary services imbued with Vietnamese and international identity served on the new, modern aircraft by Vietjet’s dedicated, friendly cabin crews along with many attractive customer service programs.

The flights take off from Ho Chi Minh City at 10:50 (local time) and landing in Brisbane at 21:55 (local time). The return flights will depart at 23:30 (local time) and landing at Ho Chi Minh City at 05:10 in the following day (local time).

Marking the 50 years of meaningful diplomatic relations between the two countries, after Melbourne, Sydney, Brisbane, Vietjet has plans to open more new routes connecting Vietnam and Australia, expanding the flight network connecting Australia to the other countries across the region and the world.