The first three Viet Nam Business Champions at the conference. From left to right, Hoang Cong Trang, CEO of TH Group; Nguyen Thi Thao Nguyen, Deputy General Director of Hoa Phat Group; and Nguyen Manh Hung, Member of Board of Directors of Vietcombank. — Photo courtesy of the organisers
The Ministry of Planning and Investment (MPI) on Wednesday afternoon cooperated with the Australian Embassy in Viet Nam to organise a conference on the Viet Nam-Australia Business Champions Initiative.
The event was part of the Australia-Viet Nam Enhanced Economic Engagement Strategy (EEES), which was jointly developed and publicly released at the end of 2021.
Tran Duy Dong, Deputy Minister of the MPI, stated at the conference that the Viet Nam-Australia Business Champions Initiative is an important programme in the EEES. Dong hoped the initiative could open more opportunities for businesses in the two countries to cooperate and develop.
Mark Tattersall, Charge of Affaires, Australian Embassy in Viet Nam, said that the conference is an opportunity for businesses of the two countries to listen and share experiences in promoting trade and investment activities between Viet Nam and Australia.
He emphasised that the strategic partnership between Viet Nam and Australia has been developed in all aspects and is comprehensive, and hoped that the two sides will further exploit the potential of cooperation and strengthen the Viet Nam - Australia relationship.
The inaugurated Viet Nam Business Champions chosen by the MPI are senior leaders from three large corporations in Viet Nam - TH Group, Vietcombank and Hoa Phat Group.
As a leading steel producer in the domestic market, a large part of Hoa Phat Group’s expenses is spent on iron ore and coal. And seeing the potential of these material resources in Australia encouraged the company to invest here by acquiring firms owning ore, said Nguyen Thi Thao Nguyen, deputy general director of Hoa Phat Group.
"We also sell our products, such as steel pipes, in Australia," she added.
Sharing the company’s experience in doing business in Australia, Nguyen suggested that companies should consult a consulting service or legal advice service to learn about the laws, culture, and policies of the government of the country where they invest.
In addition, businesses should learn more about the provisions of bilateral and multilateral agreements between the signatory countries.
"We also face trade remedy issues, so we recommend businesses create a dedicated team to closely follow international trade issues and complaints," Nguyen said.
Meanwhile, Hoang Cong Trang, CEO of TH Group, said that after considering the land, soil, and potential conditions in Australia, TH has decided to invest in the agricultural sector here by acquiring three large farms to raise beef cattle.
"We are raising over 60,000 cows in Northern and Western Australia, earning nearly AU$20 million," said Trang.
The dairy producer’s leader suggested maintaining good relations with local authorities to quickly update market information and policies, and get support on legal issues and procedures.
Employment, infrastructure, and technology application are other matters the CEO noted.
"Australia is a vast country with a small population, so we have to think about labour issues, including hiring, training, and retaining," Trang said.
"On the other hand, infrastructure in remote areas is not synchronous, so we have to be creative to solve flooding and WiFi problems."
With helpful information and guidance, the conference expects to attract more Vietnamese enterprises to join the initiative, expanding trade in Australia. — VNS