Published 20 July 2022

Victoria will benefit from more opportunities with Vietnam as part of a new agreement to boost our economic partnership and trade relationship.

In May 2022, the Victorian Government signed a Memorandum of Understanding (MoU) with Ho Chi Minh City to deepen cooperation across a range of areas including trade, investment, education and technology. Ho Chi Minh City is Vietnam’s largest city and the country’s largest economic hub.

As a growing economic powerhouse in Southeast Asia, Vietnam has become one of Victoria’s top ten export markets with goods exports valued at $855 million in 2021, an increase of 54 per cent since 2019. Major exports include wheat, barley and aluminium.

Vietnam has had uninterrupted economic growth since 1989 and its economy is shifting to become more market based.

This has increased demand for imported goods from Victoria including dairy, meat and consumer goods, alongside professional services and education.

"This new agreement is the next step in the trade and investment relationship between Victoria and Ho Chi Minh City and signals our commitment to Vietnam as an important economic partner."
Rebecca Hall, Victoria's Commissioner to Southeast Asia

To help businesses take advantage of this demand, a Victorian Government Trade and Investment Office was opened in Ho Chi Minh City at the start of 2021 to help connect Victorian businesses with local opportunities.

Last year the Study Melbourne Hub opened in Ho Chi Minh City to support prospective and current international students and connect them to activities and events promoting Victoria as a study destination.

Building formal frameworks for cooperation

We have committed to several inaugural bilateral agreements with our priority partners in Southeast Asia. In 2016, the Victorian Government signed a  MoU to increase bilateral cooperation between Victoria and the Indonesian Special Region of Yogyakarta. We secured an MoU with the Vietnamese Ministry of Foreign Affairs, which includes the establishment of a special Victoria desk in the Vietnamese Ministry. In 2017, Victoria and Timor-Leste renewed a bilateral MoU on public sector capability building.

Want to know more?

For more information, get in touch with Trent Davies, our Senior Trade and Investment Director, Vietnam.