Driving Victorian jobs growth and providing new opportunities for businesses is at the heart of an economic mission to Southeast Asia taking place this month.

Minister for Trade and Investment Tim Pallas is currently visiting businesses and investment leaders in Vietnam, Indonesia and Singapore to build on important ties with major trading partners.

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.

Mr. Pallas will visit business leaders in the capital Hanoi and the country’s largest city Ho Chi Minh City, where the Victorian Government’s Trade and Investment (VGTI) office and Study Melbourne Hub opened in 2021. The hubs were announced as part of the Victorian Government’s $33.4 million International Education Short Term Recovery Plan, with additional funding provided in the Victorian Budget 2021/22.

Since 2021, the Vietnam VGTI has connected 150 Victorian businesses with local opportunities, and the Study Melbourne Hub has welcomed more than 6400 students and hosted events for Victoria’s alumni and education partners.

In 2022, more than 9000 Vietnamese students were enrolled with a Victorian education provider, making Vietnam one of the largest international student populations in the state.

Ho Chi Minh City Vietnam aerial view

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

Indonesia is Southeast Asia's largest economy with a population of more than 270 million people. Mr. Pallas’ visit to the region 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.

Key breakthroughs

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.
  • In November 2022, GOVEA  Award winner and Australian Exporter of the Year, infant nutrition producer Bubs Australia worked with the VGTI in Ho Chi Minh City to launch its products into Vietnam November.
  • In August, Singapore hydrogen technology company DiviGas announced it would establish its manufacturing and corporate base in Port Melbourne.