Australia’s New South Wales' businesses place agritech, food and beverage as the top priority for investment in Viet Nam. — VNA/VNS Photo

Local businesses in Australia’s New South Wales (NSW) have shown interest in joining the agricultural technology as well as food and beverage sectors in Viet Nam – a promising market in their eyes.

Viet Nam’s fast and sustainable growth over the past many years has made the market attractive to companies in NSW, said Karla Lampe, Director for International Engagement & Market Development at NSW Treasury at an online conference held this week to explore business opportunities in Viet Nam.

She said that the advantages in population and the increase in middle-income people have created more trade and investment opportunities for Australian firms.

Lampe said that Viet Nam is currently the ninth largest trade partner of NSW, stressing that NSW businesses place agritech, food and beverage as the top priority for investment in Viet Nam.

Meanwhile, Rebecca Ball, Australian Deputy Consul-General in Viet Nam and Cambodia said that Viet Nam’s attention to agritech development is a great chance for Australia to engage in the market.

According to Ball, Australia can help Viet Nam improve farming productivity, water resources, animal feed and pest management, and origin trace through introducing effective agricultural solutions, thus responding to challenges in food security and food safety.

In the first quarter of 2021, Australia’s export revenue of farm produce from Viet Nam increased 44 per cent year on year, she noted, adding that Viet nam is likely to become the fifth biggest export market of Australian agricultural products by the end of 2021 from the current eighth position.

At the event, representatives from numerous successful businesses in Viet Nam and Australian agencies shared their experience and answered questions regarding Vietnamese agritech, food and beverage sectors. — VNS