Western Australia’s trade relationship with Vietnam will be boosted by a high-level delegation of WA leaders and businesses to the country this week.
The delegation, led by Premier Roger Cook, will focus on creating jobs and opportunities in three key areas: energy, primary industries and international education.
CCIWA is accompanying the Premier on the trade mission, along with several high-profile businesses and key industry stakeholders.
CCIWA’s Chief Economist, Dr Daniel Kiely, said Vietnam was emerging as a key trading partner for WA.
“WA’s exports to Vietnam are worth almost $2 billion a year, and have grown by almost 800% since 2010,” he said.
“Vietnam’s economy is one of the fastest growing in the world, almost doubling the rate of growth recorded across the rest of Southeast Asia last year.
“It is a major market for Australian energy, particularly LNG, and a growing market for WA meat and wheat.”
International education was also a key priority, with a growing middle-class in Vietnam becoming a major market for WA’s education sector.
“WA is home to more than 18,000 people born in Vietnam and 22,000 who speak Vietnamese at home, so there is a strong cultural connection through the Vietnamese diaspora which will be attractive to students,” he said.
“There are also seven direct flights a week between Perth and Ho Chi Minh, providing a strong connectivity.”
Dr Kiely said it was vital that WA had diverse trade relationships at a time of growing global uncertainty.
“We’ve seen the instability created by the conflict in the Middle East and the imposition of tariffs from the United States,” Dr Kiely said.
“This highlights why diversity in our trading relationships is so important – we can no longer put all of our eggs in one basket.
“WA’s proximity to Asia is a huge strategic advantage, and countries like Vietnam are experiencing significant economic and population growth.”
