Manufacturing News

Strengthening Victorian business ties with Southeast Asia

Minister for Trade and Investment Tim Pallas will visit businesses and investment leaders in Vietnam, Indonesia, and Singapore to boost local business.

Minister for Trade and Investment Tim Pallas will visit businesses and investment leaders in Vietnam, Indonesia and Singapore, aiming to drive employment growth and provide new opportunities for businesses in Victoria.

The 10-day trip commenced on Sunday, 8 January, and will see Pallas visit business leaders in Vietnam’s capital Hanoi and the country’s largest city Ho Chi Minh City, where the Victorian Government’s Trade and Investment Office and Study Melbourne Hub opened in 2021.

Indonesia is Southeast Asia’s largest economy with a population of more than 270 million people – Pallas’ visit will focus on agriculture exports, technology and education.

The Singapore leg will focus on the island nation’s expertise in innovation and research and development, and how Victoria can attract new investment and drive exports.

“We’re not sitting back and waiting for Southeast Asia to come to us – we’re making sure decision-makers in these important markets know about our first-rate products and investment opportunities,” Pallas said.

“These are dynamic countries and we’re making sure their leaders know that Victoria is a kindred spirit.”

Two-way trade between Victoria and Southeast Asia is at record highs, surging by 79 per cent in the past five years to $18.9 billion in 2021-22.

Vietnam is an important market for Victoria as one of the world’s fastest growing economies. Victorian exporters made sales valued at $961 million in Vietnam last financial year, an increase of more than 80 per cent since 2019.

The Trade and Investment Office has connected 150 Victorian businesses with local opportunities, while the Study Melbourne Hub has welcomed more than 6,400 students and hosted events for Victoria’s alumni and education partners.

Over 9,000 Vietnamese students were enrolled with a Victorian education provider last year, making Vietnam one of the largest international student populations in the state.

In September, the Government signed a Memorandum of Understanding with Ho Chi Minh City to increase connections across trade, investment, education and technology.

Recent Southeast Asia breakthroughs enabled by the government’s trade and investment program include Singaporean healthtech leader Oncoshot’s decision to establish an Australian headquarters in Melbourne.

Bubs Australia worked with the Trade and Investment Office in Ho Chi Minh City to launch its products into Vietnam in November. The infant nutrition producer was recently named the Australian Exporter of the Year.

In August, Singapore hydrogen technology company DiviGas announced it would establish its manufacturing and corporate base in Port Melbourne.

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