Australia seeks deeper investment, energy ties with Ho Chi Minh City

Wallace made the remarks during talks with chairman of the Ho Chi Minh City administration Nguyen Van Duoc as she began her diplomatic assignment in Vietnam’s southern economic hub.

After spending her first weeks in the city, Wallace described Ho Chi Minh City as a dynamic metropolis with strong growth prospects and said Australia was keen to learn more about its development plans and explore ways to contribute to its long-term goals.

She noted that many of the sectors prioritized by Ho Chi Minh City, including education, finance, innovation, renewable energy, and green growth, align closely with the pillars of the Vietnam-Australia comprehensive strategic partnership.

Wallace also highlighted the strong potential for further growth in bilateral trade, noting that Vietnam-Australia trade reached around US$30 billion in 2025, double the level recorded five years earlier.

Australia is advancing its investment strategy in Southeast Asia, with Vietnam identified as a key market.

Australian investment funds have earmarked approximately $2 billion for projects across Southeast Asia in sectors including mining and supply chains, she said.

Wallace added that Australia is supporting startups and innovation initiatives in Vietnam.

She cited Canva’s decision to open an office in Ho Chi Minh City in April as further evidence of Vietnam’s increasingly attractive innovation ecosystem.

On development cooperation, Wallace said Australia had committed more than $100 million this year to programs in Vietnam.

Over the past five decades, Australia’s total development assistance to Vietnam has exceeded $3 billion, she added.

Wallace underscored that Australia is implementing a range of cooperation programs with Vietnam in climate change adaptation, energy transition, renewable energy, and digital transformation.

The consul general reaffirmed Australia’s commitment to supporting Ho Chi Minh City’s growth agenda and said Canberra was ready to explore opportunities related to the international financial center in the city.

Duoc welcomed Wallace’s proposals and praised the steady progress in Vietnam-Australia relations, particularly since the two countries upgraded ties to a comprehensive strategic partnership in March 2024.

He said the strengthened relationship had created favorable conditions for broader cooperation between Australia and Ho Chi Minh City across multiple sectors.

The city maintains ties with several Australian states and territories, including Queensland, New South Wales, Victoria, Western Australia, and the Northern Territory.

Economic links between Ho Chi Minh City and Australia have continued to strengthen, Duoc said.

Two-way trade between the city and Australia reached nearly $1.83 billion in 2025, while Australian investors operated more than 430 projects in the city with a total registered capital of about $773 million.

Duoc also highlighted education and workforce development as a key pillar of bilateral cooperation.

Around 36,000 Vietnamese students are studying in Australia, while about 17,000 are enrolled in Australian education programs in Vietnam.

The two countries are also connected through a network of approximately 160,000 Vietnamese alumni of Australian institutions.

Many Ho Chi Minh City officials and civil servants have received training in Australia, helping strengthen the city’s pool of skilled personnel, he said.

Duoc said Ho Chi Minh City is entering a new phase of development aimed at achieving double-digit economic growth and becoming a modern, innovative, and globally competitive urban center.

To support these ambitions, the city hopes to deepen cooperation with Australia in education and training, finance, investment, urban planning, logistics, renewable energy, innovation, and green transformation.

He specifically called for greater Australian participation in the development of Ho Chi Minh City’s planned international financial center through the sharing of regulatory expertise, capital market experience, workforce training, and links to global investors.

Duoc also urged the Australian Consulate General to help strengthen connections between Australian investment funds, financial institutions, businesses, and experts and their counterparts in Ho Chi Minh City to foster future partnership opportunities.