A significant export market for Victoria.
Southeast Asia is a dynamic and diverse region that has frequently outperformed global economic growth rates.
Victoria has prioritised strengthening its relationship with Southeast Asia and has four Victorian Government Trade and Investment (VGTI) offices located in Indonesia, Vietnam, Malaysia and Singapore.
Southeast Asia Trade and Investment Snapshot
The Australia‑ASEAN Special Summit held in Melbourne in March 2024 is an important opportunity to mark the 50th anniversary of Australia‑ASEAN relations. Our offices in‑market and teams on the ground in Victoria also work closely with leading businesses in the region to support their plans to expand their operations to Victoria.
Explore Victoria's current trade and investment opportunities and key areas of collaboration with Southeast Asia.
Market snapshot
Victoria’s key goods exported to Southeast Asia include fruit and nuts, milk and dairy, wheat, meat and petroleum.
Increasing demand is expected for services tied to innovation, healthcare and education. Victorian exporters are well placed to capitalise on opportunities in these sectors.
Victorian exporters are also expected to benefit from Southeast Asia’s increasing middle class, particularly in Indonesia, Malaysia, Thailand, the Philippines and Vietnam. The region’s rapid urbanisation creates opportunity for Victorian exporters as demand for infrastructure, professional services and connectivity services increases. The number of middle-class households in Southeast Asia is predicted to quadruple by 2030, which will raise demand for premium agricultural goods, innovative services, international travel, healthcare and education and training.
Southeast Asia Insights Autumn 2024
Victoria welcomes delegates to the ASEAN-Australia Special Summit
Victoria was pleased to welcome a substantial delegation that travelled to Melbourne to take part in the ASEAN-Australia Special Summit.
Hosted in Melbourne from 4-6 March 2024, the Summit celebrated the 50th anniversary of Australia’s dialogue partnership with ASEAN and provided a platform for businesses and leaders to engage with counterparts from across the region.
The Victorian Government, including Global Victoria and the Victorian Government Trade and Investment offices in Southeast Asia, supported organisations and individuals to participate in the Summit and its side programs across the 4 thematic tracks of: business; climate and clean energy; emerging leaders; and maritime cooperation.
Highlights from the Summit’s side programs included AustCham ASEAN’s release of its Australian Business in ASEAN Survey (2023-2024) and the opening of the Australia Vietnam Policy Institute’s (AVPI) Front Door, followed by an Australia Vietnam Business Forum.
Both the Prime Minister of Vietnam H.E Phạm Minh Chính and the Premier of Victoria spoke at the Business Forum, which focused on the economic relationship between Australia and Vietnam. Vietnamese Airline VietJet also announced a new Melbourne-Hanoi flight route at the event, increasing connectivity and the ease of travel between our cities.
As part of key activities that took place on the margins of the Summit, Global Victoria, alongside Asialink Business and AustCham ASEAN, brought together business, government and industry leaders at a welcome reception hosted by the Treasurer of Victoria and Minister for Economic Growth, Tim Pallas MP.
The 2024 Australia Vietnam Leadership Dialogue
Applications are open for the 2024 Australia Vietnam Leadership Dialogue. Global Victoria is proud to again be the headline sponsor of the 2024 Australia Vietnam Leadership Dialogue, which will be held in Melbourne from 26-30 August 2024.
The Dialogue will bring together 20 influential young leaders aged 25-35 (10 from Australia and 10 from Vietnam) for a 5-day residential program that will strengthen bilateral links and contribute to the development of both nations. This year’s theme of “Strategic Partners: Elevating Our Region” will challenge delegates to think more deeply about their role in supporting the Australia-Vietnam bilateral relationship while addressing topics relating to the following United Nations Sustainable Development Goals:
- Quality Education
- Gender Equality
- Sustainable Cities and Communities
- Partnerships for the Goals
- Climate Actions
- Peace, Justice, and Strong Institutions
Previous regional insights
Key industries of opportunity for Victorian exporters
Education, training and skills
Victoria is a key education partner for Southeast Asia, and as the region pushes to standardise vocational qualifications, more exciting opportunities are emerging for Victorian education providers.
Larger Southeast Asian nations such as Indonesia, Vietnam and Malaysia are actively exploring ways to engage internationally to upskill and educate their workforces.
Food and agriculture
Thanks to the growing demand for premium agricultural products and processed foods, there are many opportunities for Victorian exporters to engage across Southeast Asian markets.
Victoria’s food, beverage and agriculture industry has a global reputation for supplying high quality, clean, traceable and safe food products, placing it in a favourable position to meet Southeast Asia's growing demand for premium meat and dairy products, temperate fruit and nuts, wheat, and processed and packaged food items.
Professional services
The scale and speed of Southeast Asia’s development has opened up significant opportunities for Victorian firms to provide innovative services and products across a range of traditional and emerging sectors, including infrastructure, digital technology, water, health and medtech, liveability and renewable energy.
Victoria is well placed to partner with Southeast Asian nations focusing on innovation due to its strong professional services sector, culture of innovation and research expertise, as well as Victorian Government investments.
Tourism
Victoria is a top destination for Southeast Asian tourists and this is only set to increase over the next ten years. As Southeast Asia’s middle class continues to grow, more consumers will want to explore the world and have capacity for international leisure travel.
Digital services
Southeast Asia is home to many tech unicorn start-ups with a value of over US$1 billion.
Southeast Asia’s digital transformation has rapidly accelerated and is reshaping almost every aspect of business and social lives, providing further opportunity for Victorian exporters.
The sector offers enormous opportunities for Victorian companies, many of which are enabling small businesses in Southeast Asia to accelerate their adoption of digital tools and compete with larger firms.
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